RG Steel Files For Bankruptcy Protection
DOVER, Del. (AP) -- Struggling Maryland-based steelmaker RG Steel has filed for Chapter 11 bankruptcy protection in Delaware.
In its filing Thursday, the company listed more than $1 billion in both assets and liabilities.
RG Steel, based in Sparrows Point, Md., said last week that it planned to idle operations in Maryland, Ohio and West Virginia and warned employees that they faced layoffs. Maryland officials said nearly 2,000 workers would be laid off in the state.
RG Steel was formed in March of last year as a wholly owned subsidiary of The Renco Group, a family-owned, private holding company founded in 1975.
Renco says its businesses employ 18,000 people in eight different companies operating in North and South America, eastern and western Europe, Asia and Africa.
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