Steel Products
RG Steel Creditors Withdraw Request to Sue Renco Group Founder
Written by Sandy Williams
February 4, 2013
Written by: Sandy Williams
Ira Rennert has been given a reprieve from a potential suit from RG Steel Creditors—at least for now. After seeking court permission to sue the Renco Group founder for deliberately delaying the bankruptcy filing of RG Steel in order to protect his own financial interests, the Official Committee of Unsecured Creditors withdrew their request without explanation on Friday. The request was done “without prejudice,” meaning that it could be brought up again.
Lack of funding may be a possible reason for the withdrawal. The Committee had planned to pay for the lawsuit with money RG Steel seeks to recover from companies paid shortly before the bankruptcy. Cerberus Capital Management asked the court not to approve such funding until Cerberus is repaid in full for loans it extended to RG steel in exchange for partial ownership. A deal the Committee alleges Rennert made with Cerberus in an attempt to avoid potential liability for RG Steel’s underfunded pension plan. (Source: Baltimore Sun)
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
Findings from the Clairton investigations prompt USS to revise safety protocols
U.S. Steel (USS) said it’s been strengthening its safety protocols as findings from investigations into the causes of a deadly explosion at USS Clairton Coke Works on Aug. 11 materialize. The Pittsburgh, Pa.-headquartered steel producer stated that an independent investigation conducted by the Environmental Design & Testing Corp (EDT) produced findings aligned with the company’s […]
Active rig counts rise in US and Canada
Drilling activity increased in both the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.
FabArc Steel Supply completes projects in Mississippi, Georgia
FabArc Steel Supply announced this week the completion of two large-scale projects in Georgia and Mississippi.
US rig count slips, Canada ticks higher
ncreases through September, according to the latest Baker Hughes rig count data.
CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]