The potential forth largest steelmaker in the USA (RG Steel) filed chapter 11
bankruptcy Thursday. This is another example of a vulture capitalist Ira Rennert at work. He bought part of the Severstal NA
last year and ran the company bankrupt trying to operate an inefficient blast furnace in Baltimore. While we had
a five year old state of the art EAF (electric arc furnace) in Mingo Junction Ohio sitting idol. To top it off the EAF was
built buy a loan from the federal government under the Byrd bill. What is ironic is our new arc furnace built with taxpayer money has been sitting idol for three years and Republic Steel just announced a few weeks ago they are going to build a brand new EAF in northern Ohio because they need the extra capacity to supply the auto and gas drilling industry. Renert
owned part of the company several years ago and bankrupted it and sold out and now he comes back buys the company again and bankrupted it again.
http://theintelligencer.net/page/content.detail/id/570520/RG-Steel-Is-Seeking-Chapter-11-B---.html
Who is Ira Rennert?: http://en.wikipedia.org/wiki/Ira_Rennert
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