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
CRU: Excessive global supply could hit rebar mill investments in US
Following the onset of the war in Ukraine in March 2022, concerns about import availability and expectations of rising demand from President Biden’s Infrastructure Bill pushed US rebar prices to record highs. In response, a flurry of new mills and capacity expansions were announced to meet the rise in demand from growth in the construction […]
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
CRU: US stainless prices to rise on expanded S232 tariffs
Stainless prices in the US market will rise, following price increases by major US producers. Our base case scenario incorporates higher US prices in the near term, despite the initial negative reaction by the market. US stainless prices will go up in 2025 H2 and will stay elevated in 2026 as tariffs on stainless […]
Galvanized steel demand unsteady amid lingering buyer fatigue: HARDI
Uneven demand for galvanized steel in June reflects a market that remains mired in uncertainty, according to industry sources.
OCTG industry salutes Customs for catching trade crooks
The US OCTG Manufacturers Association is commending US Customs for intercepting another Thai company's attempt to illegally transship Chinese oil pipe to the US.