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Ore ship arrives at steel mill, suggesting liquidity crisis has eased

"Saldanha" had been moored for days in Chesapeake Bay, but moved yesterday to the steel mill's docks.

January 7, 2012 at 12:56 pm 112

ore carier saldanha

The ore carrier “Saldanha” arrived last night at Sparrows Point. This is a stock photo of the Maltese-flagged ship.

Photo by: leify.dk

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The arrival last night of ore carrier Saldanha at Sparrows Point – after being anchored for most of the week near Annapolis – suggests that RG Steel may be working its way out of a liquidity crisis that stopped steelmaking at the plant shortly before Christmas.

The Maltese-registered ship, reportedly carrying iron ore from the Kumba ore fields of South Africa, anchored at Sparrows Point at 8:30 last night, according to marinetraffic.com, which tracks commercial ship movements.

The boat’s arrival indicates that RG Steel is able to pay a key supplier and can replenish its supply of raw materials, enabling the start-up of its idled furnaces. (Iron ore is the key ingredient of steelmaking.)

The tracking service shows that the ship had been moored since at least January 2 (records do not go back further) in the Chesapeake Bay south of the Bay Bridge and east of Annapolis. Yesterday afternoon, the carrier began its journey north to Sparrows Point.

Saldanha joins a smaller ore carrier, Richelieu, which arrived at the steel plant on Tuesday and is currently anchored at the main ore unloading dock. Operated by Canada Steamship Lines, Richelieu serves the Labrador ore mines once owned by Bethlehem Steel Corp. and a traditional source of supply for Sparrows Point.

Hush-Hush Meeting with Bankers

RG Steel has not released any public information about a liquidity crisis that resulted in the suspension of steelmaking on December 22 and the layoff of between 500 and 800 steelworkers.

The Brew yesterday reported that representatives of the 12 banks that provide a $750 million credit facility to RG Steel met with management at the plant.

RG Steel is trying to get the banks to ease the terms of the loan so it can pay off creditors.

Yesterday’s meeting was a tightly guarded secret – and there was no word on how the negotiations may have ended.

(Thanks to “Walter/drzoy” for information about last night’s ship arrival.)

 

  • Steelcros

    Now that’s some good news for a change!!!!!!!

    • warpig

      dont read alot into it.ships have come to sp been unloaded then loaded right back up with what they just unloaded

    • warpig

      dont read alot into it.ships have come to sp been unloaded then loaded right back up with what they just unloaded

    • warpig

      dont read alot into it.ships have come to sp been unloaded then loaded right back up with what they just unloaded

    • warpig

      dont read alot into it.ships have come to sp been unloaded then loaded right back up with what they just unloaded

    • warpig

      dont read alot into it.ships have come to sp been unloaded then loaded right back up with what they just unloaded

  • TCMbackendsticker

    The ore boats may be coming in, but the truckers have shut these guys off.  When you don’t pay your bills that tends to happen.  Can’t ship steel coils on a donkey cart.

  • TCMbackendsticker

    The ore boats may be coming in, but the truckers have shut these guys off.  When you don’t pay your bills that tends to happen.  Can’t ship steel coils on a donkey cart.

  • Steelcros

    Man you guys are real Debbie downers. Hey, if this ship has been hanging around since the 2nd ,payment must have been made or back to South Africa it would have gone. This looks to be the 1st step in getting their credit renewed and getting caught up with their vendors. Come on guys don’t you want to see this mill thrive?

    • warpig

      not trying to be a downer just telling what i have seen. I would LOVE to see ALL of RG running at full speed

      • Cheese

        I think that would be the confirmation of steel recovery in general. This isnt going to happen any time soon. We’re going into the slow season for steelmaking.

  • Ferris372

    Good news!

  • TACO

    OK now we have official proof that Walter and George were not completely full of BS on the ship spotting reports.  But Warpig is right that we have unloaded ships just to have them loaded again and shipped out.  Here is a sickening thought that I hope is not so. Could Morgan Kinder just be using our piers and unloaders as a bulk terminal and the material goes elsewhere?  Time will tell and I guess we will not have too long a wait, at least these shipments mean somebody has money so I guess this is good news.

    • warpig

      I think you are right about a bulk terminal. Last winter while we were down i was working ans saw a ship or two come in and get unloaded. There were mountains of coal stored at the point and this was during the time that severstal was raping sp of everything.so i would think that if it was severstals it would have been gone from there 

      • Walter

        The ship Flintestar just docked at SP with what looks like scrape metal from maybe from Sims -I am not sure?  Could this be for our BOF or one of the other mills?
        When Mittal bought us they had mountains of coal stored over by Penwood power plant piled up like mountains, then after the sale it all went away real fast.   The only thing we can do is sit back and wait unless someone starts taking on what comes next.

        Walter

        • Wci8757

          walter, will you please quit doing george’s job. isn’t that his job of reporting on all bulk ore carriers arriving or did they combine your jobs.

          • Walter

            Hi Wci – George has had a nervous breakdown over Princess Kaoru Nakamaru of Japan predictions for the steel industry in 2012,  but he is OK and wishes everyone a Happy New Year.  To make things worse for George, they switched off the big Christmas Star Lights and this always makes him blue. He will be better once spring is closer or when they once again call for hot metal.
            George asked me to keep a sharp lookout and to report on the movements of all ships and barges coming up the Chesapeake Bay to SP.  I am glad to see that Mark is using his investigative reporter skills and waterfront contacts to add valuable details to these Port operations. 

          • Wci8757

            i thought george had a nervous breakdown when his comedy act exploded in his face.

  • Jason

    We could ask the union what this means. Their answer will be as always  “We don’t know whats going on”. It’s their job to know what is going on. Members dues continue to rise and we still get no answers except through the brew.  This week nearly a thousand steelworkers will be laid off while the leadership dodges phone calls.

  • Readerx

    You think you have union problems? Local 1190 is in such disarray attending meetings is futile.The more questions asked only leads to more silence. Arrogant and selfish. Rumors of people caught with their hands in the cookie jar. Un-elected officials making deals. I,and others, disgusted.  The internationals only concern is dues money.

  • Lmarkle4

    dont get your hope’s up do not trust ira when it start’s then believe he could send it anywhere hell it might be sold to someone else

  • Steelcros

    I heard that word should come early this week and let’s hope that it’s good news for all!

  • Steelcros

    Maybe the sale of SP to say CSN wouldn’t be a bad thing?

  • Jason

    Have you noticed that not one union official has even commented on this article. No wonder no one ever knows what is going on at the point. 

  • Anonymous
  • 39 year vet

    Anyone hear about Worthington Industries linking up with RG Steel ? A co worker returned to our shop today  from the 56″ hot strip and reported hearing RG, Worthington and perhaps GE capitol starting a new partnership. Just wondering ? Also a long ore train was spotted going to the Blast furnace today.

    • Steelcros

      39yr vet, what plant do you work at? As far as Worthington,they are just a customer of RG from what I know.

      • 39 year vet

        I work at Warren. I am a MTE, formerly electronic instrument repairman. Duties now are elect.construction,scale repair,combustion repair,HVAC,and electronic repair.

    • Steelcros

      Hey 39 yr vet, at least Warren is humming along with that ore train spotted going into the BF.

  • Steelcros

    I read that Severstal did NOT get their 775 million dollar load from the governmemt. 

    • Wci8757

      good news.

    • Wci8757

      good news.

  • Slim Shady

    If RG and Worthington could link up that would be good news..

  • Ikeggy61

    Today (Monday) there is a strong rumor in the marketplace of a financial company taking a position in RG Steel which may result in the return of Sparrows Point to full operation. We are hearing reports of RG Steel customers being contacted by Cerberus Capital Management which already has investments in such companies as Blue Bird Bus, North American Bus and Tower International. You can learn more about Cerberus Capital on their website: http://www.cerberuscapital.com

    RG Steel customers have advised Steel Market Update that their sales people are stating there is some truth to the rumor and advising customers they could receive a phone call from Cerberus Capital in order to gauge their level of commitment to the mill.

    • Gambalhol

      who r you

  • guest9999

    I would like to think the news of a new investor would be good, but bottom line is what has changed? SP was reported to be losing hugh sums of money, some reports up to $1 million per day, does aquiring more money fix that problem? RG still has the “Blood Steel” to produce for Severstal, and now will be required to give more deep discounts to woo back customers. Unless you fix the problems, more money just means more debt. Labor costs are not the problem. RG is already behind,(or ahead, depends on your point of view)  “big steel.” While it is good news for the guys at the Point, is it good news for the company? If its true, I guess we will see. What a way to run a company!

  • guest9999

    I would like to think the news of a new investor would be good, but bottom line is what has changed? SP was reported to be losing hugh sums of money, some reports up to $1 million per day, does aquiring more money fix that problem? RG still has the “Blood Steel” to produce for Severstal, and now will be required to give more deep discounts to woo back customers. Unless you fix the problems, more money just means more debt. Labor costs are not the problem. RG is already behind,(or ahead, depends on your point of view)  “big steel.” While it is good news for the guys at the Point, is it good news for the company? If its true, I guess we will see. What a way to run a company!

    • Anonymous

      Thanks guest9999 and everybody who comments here and reads The Brew for news about Sparrows Point and many other topics. We work hard to bring you these stories and provide a forum for discussion. http://bit.ly/ykhkr0 To date we’ve made little money and never asked for any. But we’re fundraising now to try and pay the bills and, more importantly, to try and get some kind of sustainable operation going so we continue The Brew. Money is tight, we know, but for those who can spare it, please consider supporting us here. http://www.kickstarter.com/projects/fernshen/baltimore-brew-a-news-website-for-the-city . You use your credit card, you can do it anonymously and you can contribute as little as $1.

      Thanks
      Fern and Mark

    • Walter

      Yes Guest9999, more money along with a new management, engineering, and sales team will put us back as a top player in the world steel market.  Your concerns are well put and will be addressed by these positive changes from our new partners.

      Walter

  • TACO

    Money is in short supply for us and I would like to see if the union would chip in to support the Brew.  The union does not have a Web Site or Blog to spend time and money on that addresses these issue in real time, so why not have them send a donation out to the Brew.  The Brew’s reporters have never bashed the steelworkers or the union, the Brew leaves that up to the readers to do.  They only report the facts and let the workers report everything else.

    As soon as I get out of the money hole myself, I am going to send the Brew a small donation. The money that Sparrows Point looses in one hour would pay to keep the Brew running for years and pay for at least one month of everyone’s house loan or rent.

    • Anonymous

      From B Brew: Thanks, Taco. I especially appreciate your comment that we have never bashed steelworkers. We never will. They do hard, honorable work — which I wrote a whole book about. We see our role as reporters (and as a Steelworkers’ “message board”) to help the rank-and-file learn what’s going in a secretive industry. And that’s sometimes hard work, too! –MR

  • observer

    Geee Walter Thats the same B.S. you spouted 6 months ago… WAKE UP AND SMELL THE COFFEE !!!   ITS losing a MILLION a day!!!

    • Walter

      Observer, I  counted untold sparkling hot bands shipped out and just maybe the boss is jiggling the numbers a bit to get us more realistic terms from our old pal little Alexie and the greedy Swiss loan sharks?  One Million $$ per days does just not fly, I am not in Accounting but have been around the Slag Pile long enough to count on my fingers and toes and the amount of raw mat in and finished out does not take Lou Dobbs to add it up for us, also that big of a negative number makes no sense even when you factor in the big BG & E electricity bill for the additional high output light bulbs George installed in the Big Star.
      These important international businessmen like to barter and haggle like they do in a Cairo Brazaar  (or the North Point  Flea Market).  I do not think that this temporary shutdown was aimed at the workforce, I think it is a well - calculated strategy to force more favorable terms from the loan sharks and the plan seems to be working well for the company.   I do not feel that we will be holding our breath much longer, hopefully we will be back up and running soon.  Unlike Alexie’s long shutdown, there is much “movement” since the 23 of December pointing towards a resolution to the credit squeeze.  It has only been a little over two weeks and already the loan sharks are fighting for the privilege to give SP money.Walter 

  • Remain Positive

    I would like to thank the Baltimore Brew, Walter and all that have given us valuable information since December 23. I found this site using google to get updates. I am a contractor and the only information I have received is thru this link. This information and my strong faith is the only thing that gave me hope. As soon as I receive my money that is owed to me, I will send a donation to the Baltimore Brew. I will continue to use this site. I remain thankful. Good luck RG Steel and to all the man and women at the other plants.

  • Steelcros

    Let’s all hope that all of this comes to pass Walter and we hear some good news this week from RG.

  • TABLECLOCKS MOE MOE

    well   i  have   a  iornworker   friend   that  got   called  back  this   week….he   said  it  may  only  be  for  a  week  or   2….if   RG  dont  come  up  with  a  partner  or  otherwize   some   money   the  place   will  have  to  shut  down   more  so  then  it  is  now….the  ships  that  cme  in  are  not  paid   for…RG  needs  money….steel  in  the   U S    is  down  everwhere….economy  is   all  meesed  up…what  happen  to  all  the  jobs   obama  ?the   U S   does   about  .05  %….   1/2  of  a  percent… of   the   world   steel….i  dont   think  our   goverment   cares   about   the   steel  in  the   U S…look  it  up  on  the   web   if  you   want  to  know  where  all  the   steel   comes   from   and   who  makes  it…..china  makesd   about  more   then   50%  of   the   world  steel….
                             moe   moe………all   we   can   do  is   PRAY

    • warpig

      there are a few large piles of coke that i could see but there are wire barriers around em so i take that as sp cant touch em…

  • RealSteelworker

    To let a mill with an EAF & 80” wide hot strip mill sit
    idle and bring steel by truck from miles away to the Wheeling mills that have
    orders to fill, would make anyone think. Maybe someday someone can figure out
    that the idea is to make the steel you need and sell it at a profit instead of making
    a bunch of steel and operating at a loss. We can only hope.

  • Walter

    I know Warpig, I saw them too and asked them what they were doing but none of them spoke English.  The police Queen did not know what or why they were doing.  I am going to buy a copy of Rosetta Stone Spanish off of Craigslist just so I can learn to understand them.  Talk about outside contractors – these guys are about as outside as you can get.  It took me 40 years to learn how to understand what our WV Hillbillys were saying – now this!

    WalterWalter

    • Wci8757

      walter. i bet it didn’t take forty years for you to feel the effects of that devastating punch from the hill billys in a jerk water mill that knocked big momma flat on her back. and turned the lights out at grand central station.

  • usw hopeful

    WOULD WALTER PLEASE LAYOFF CRACK PIPE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! SPARROWS IS DONE!!!!!!!!

  • wciheycraneman

    Walter, Lou Dobbs?  That explains a lot.

  • JR

    Well the ore ship is empty and getting ready to sail. The ore is sitting in the field with a paint line around it so we can not use it because we have not payed for it. Also the furance is cold, will take some time to heat it back up. but the are heating the stoves and sub cars. As far as Walter is concerned….the star has CFL’s in so it uses less power and unless George is an elecctrician he is nowhere near the star

  • JR

    Well the ore ship is empty and getting ready to sail. The ore is sitting in the field with a paint line around it so we can not use it because we have not payed for it. Also the furance is cold, will take some time to heat it back up. but the are heating the stoves and sub cars. As far as Walter is concerned….the star has CFL’s in so it uses less power and unless George is an elecctrician he is nowhere near the star

  • Anonymous

    In the past, we have certainly all had our differences on here. One thing that is indisputable, however, is the ability of The Brew and Mark Reutter to afford all of us the opportunity to have a sounding board for open communication amongst our unique group of steelworkers. We get absolutely no information whatsoever from our union lapdogs or the company which we labor for ! None. If not for all of us at least being able to share our collective information on here, we would all be completely in the dark. Fellow steelworkers, please take a moment of your time and contribute whatever amount that you can to the Brew’s Kickstarter campaign so that we can continue to have this extremely valuable communications conduit for ourselves to share information.You can do so anonymously if you so desire. I have and I know that you will too !  Thanks again, Mark !!

  • Anonymous

    In the past, we have certainly all had our differences on here. One thing that is indisputable, however, is the ability of The Brew and Mark Reutter to afford all of us the opportunity to have a sounding board for open communication amongst our unique group of steelworkers. We get absolutely no information whatsoever from our union lapdogs or the company which we labor for ! None. If not for all of us at least being able to share our collective information on here, we would all be completely in the dark. Fellow steelworkers, please take a moment of your time and contribute whatever amount that you can to the Brew’s Kickstarter campaign so that we can continue to have this extremely valuable communications conduit for ourselves to share information.You can do so anonymously if you so desire. I have and I know that you will too !  Thanks again, Mark !!

  • Anonymous

    In the past, we have certainly all had our differences on here. One thing that is indisputable, however, is the ability of The Brew and Mark Reutter to afford all of us the opportunity to have a sounding board for open communication amongst our unique group of steelworkers. We get absolutely no information whatsoever from our union lapdogs or the company which we labor for ! None. If not for all of us at least being able to share our collective information on here, we would all be completely in the dark. Fellow steelworkers, please take a moment of your time and contribute whatever amount that you can to the Brew’s Kickstarter campaign so that we can continue to have this extremely valuable communications conduit for ourselves to share information.You can do so anonymously if you so desire. I have and I know that you will too !  Thanks again, Mark !!

  • Anonymous

    In the past, we have certainly all had our differences on here. One thing that is indisputable, however, is the ability of The Brew and Mark Reutter to afford all of us the opportunity to have a sounding board for open communication amongst our unique group of steelworkers. We get absolutely no information whatsoever from our union lapdogs or the company which we labor for ! None. If not for all of us at least being able to share our collective information on here, we would all be completely in the dark. Fellow steelworkers, please take a moment of your time and contribute whatever amount that you can to the Brew’s Kickstarter campaign so that we can continue to have this extremely valuable communications conduit for ourselves to share information.You can do so anonymously if you so desire. I have and I know that you will too !  Thanks again, Mark !!

  • Anonymous

    In the past, we have certainly all had our differences on here. One thing that is indisputable, however, is the ability of The Brew and Mark Reutter to afford all of us the opportunity to have a sounding board for open communication amongst our unique group of steelworkers. We get absolutely no information whatsoever from our union lapdogs or the company which we labor for ! None. If not for all of us at least being able to share our collective information on here, we would all be completely in the dark. Fellow steelworkers, please take a moment of your time and contribute whatever amount that you can to the Brew’s Kickstarter campaign so that we can continue to have this extremely valuable communications conduit for ourselves to share information.You can do so anonymously if you so desire. I have and I know that you will too !  Thanks again, Mark !!

  • 1190 Scab

    Yeah, that is great–now we can start losing a million dollars a day again!!

  • warpig

    word going around is maybe middle of next week

  • Steel Engineer

    Has anyone considered the possibility that the “Saldanha” ore is destined for Warren?  Ironic that the ore would come from Saldanha, South Africa.  If you want to see what a modern ore based steel plant looks like check out Saldanha Steel.  Like Severstal Columbus their caster is near net shape and inline with the rolling mill.

    http://www.panoramio.com/photo/15772058

    • Global Warming

      Have anyone considered what another massive flood in the Columbus area would do to Severstals mill.

    • apalledinohio

      That ore is for you boys. Warren gets its ore from the upper mid-west via lake Erie. Its yours make the best of it. Glad to see ya’ll going back to work. Hope mingo follows shortly. Remember, don’t trust Ira and his crew, he has always been managment friendly. And lastly don’t forget the spring elections.
       Good luck to all.

    • apalledinohio

      That ore is for you boys. Warren gets its ore from the upper mid-west via lake Erie. Its yours make the best of it. Glad to see ya’ll going back to work. Hope mingo follows shortly. Remember, don’t trust Ira and his crew, he has always been managment friendly. And lastly don’t forget the spring elections.
       Good luck to all.

  • H S

    Speaking of modernization, I hope the current SP senior management doesn’t neglect this opportunity to upgrade the management structure at SP at the division level, as well. So many problems are exacerbated or created by general foremen and superintendents who were appointed under the Bethlehem good ole boy system.  Trust me, all of the good ones (Wetzel, Fash, Knott, Hoyer, Panzieri, etc.) are long gone and what remains are primarily  eunuchs and politicians whose only concern is self preservation.

     To give you an idea how sleazy and detrimental this good ole boy network really is, a former Bethlehem managerial “star” was arrested this week, on the plant, for theft.  To their credit, plant management cut through the BS in the Tin Mill and made moves that were 25 years overdue following their tandem mill fire debacle. This is a step in the right direction, but more is required. A good rule of thumb would be to sack all managers at the general foreman level  and above, who were hired under Bethlehem. While we might be “throwing out the baby with the bath water,” it’s a trivial risk. We no longer have the luxury of suffering dolts who only try to create the illusion of competence in order to ride the gravy train a bit longer, we need legitimate management in the mills.

    • Are U surprised?

      I agree with you about the management people in higher positions, they should all go. We need a clean slate if this plant is going to suceed. Who was the manager caught stealing? Was he involved with the employee caught stealing copper?

    • Are U surprised?

      I agree with you about the management people in higher positions, they should all go. We need a clean slate if this plant is going to suceed. Who was the manager caught stealing? Was he involved with the employee caught stealing copper?

      • H S

        The manager was actually a recent retiree, hired back as a contractor. (So, I guess you could say he was stealing twice.)  I’m not sure how the Brew feels about naming names, but he was the former #2 manager in the former Reliability Department. Per the Maryland Judiciary Case Search, he was arrested on 1/09/12, and charged with trespass, theft under $1000, 2nd and 4th degree burglary.

        Of course, this wasn’t his first time at the rodeo–he’d been caught stealing before, but it was swept under the rug. These old Bethlehem boys take care of each other, so he must have screwed up royally to get arrested.

  • Ironman

    Sp big L starting up this sunday.. Heavy equipment and slab carriers are being scheduled starting 2nd turn Sunday. Some Furnace personal already called back. 4 large order (600 to 1000) finished coil ships have been loaded and shipped, with the last one setting sail this past wednesday! Also coil barges being loaded every other Friday for a customer in NC. Our customers are loyal and say SP makes some of the best quality steel in the industry! Much superior than any electric furnace. We have many future orders and a full order book to load ships and barges and the company realizes this so big L is being fired back up….. Sorry wci8757 and the rest of you haters. SP will be humming again! For those of you from other plants who have been supportive and are laid off I hope and pray things will turn around for you! Walter keep up the faith and ignore the haters. Baltimore brew and mark, keep up the great work, un-Opinionated information.

    • Udumdum

      sounds like you got your head up walters ass, just watch out or george will bite your nose off.

  • wciheycraneman

    It seems that we all have similar problems, old upper management with no new ideas and are so comfortable don’t want any and union leadership that either knows nothing or doesn’t want to say anything.  Well, we can do something about the latter this spring and hopefully Ira will wise up and clean house at all three operations before it’s to late.

  • Walter

    Looks like Big Momma  tossed a pie into the faces of those mean-spirited Ohio Valley Boys for them always putting our Big L down. And Ironman, I agree with you 100%, the customers like SP steel better than that made in an EAF.  Would you cook a gourmet  dinner in a microwave? Of course not, same goes for making high quality iron, you need a very big blast furnace and big Moma L is as big as they come! And our BOF is one of the world’s largest too – so those Ohio Toaster ovens just cannot go up against our Beast!  

    Ironman you are right again in telling the folks that we are moving out so much product that our customer in Carolina is using those new super-sized barges instead of convoys of trucks carrying coils and backing-up the interstate.  We have not shipped out so many coils by sea since the late 1970′s when the old CAL-MAR Steamship company took steel from Pennwood Wharf to the West Coast via the Panama Canal.  

    • JR

      Yes we are staring up , Big L is heating up and we will soon be back making iron.

      Walter leave the Ohio and W.Va people alone and pray that they can also start up soon or keep running so we can ALL make a living from this company

    • guest1190

      I wish S.P. all the luck and customers it can handle; I just dont see how after the initial  ‘investment’ of 300 milion for a startup and losing a million a day for at least 3 months, there will ever be a profit. Dont be surprised when they liquidate. Good luck and please…. work safely guys!!!!

      • Numbers Game

        I think the million dollar a day number is misleading.While management made a decision to sell at a price point below cost to attract customers back to SP after Severstals destruction of our customer base.Once they raise the pric.e to market rates alot of if not all of that million will disappear.Also the “BLOOD STEEL” that we have to supply Severstal at below cost doesnt help.As to profit it all depends on how they do their accounting

        • guest9999

          Yeah, OK, your post might have some truth to it if RG didn’t just shut Sparrows down because they had no cash.  Broke.  Could not afford to run it.  This wasn’t about figuring profit and loss, this was about being out of working capital.  This was about the vendors wanting paid.  These were not just numbers on a ledger, this crisis was about being one step short of liquidation. If this were just about profit and loss statements, why aren’t the people who retired at the end of October and effective date November 1 received their pension yet from the SPT. (RG owes the SPT, and the SPT will honor no new pensions until RG gets current.) There is no know way to say profit for RG is about how they do their accounting.  And the real problem is nothing has changed. Same management, more debt, same need to give discounts, same raw material costs.  Yep, Sparrows will be in the black soon, just a matter of how to figure it.

          • Outside looking in

            They had no cash because the banks, a majority of which are European shifted working capital to reserve limiting their ability to access it.All of what you say is true, but it is also true that under ISG we made a profit. Under Mittal we made a profit and if the Wall street boys wouldn’t of blown up the economy we would’ve made a profit. We also would’ve been profitable if Severstal would’ve sold us raw materials at cost also if they wouldn’t of sent our orders to Columbus and DEARBORN..

          • George

            The Million bucks a day loss, as many on the Brew have said, is just another way for the accountants to “read” the books.  The plan worked, we got  the Governor and Senators to twist the arms of the global loans sharks to give the company better and more realistic terms.  I could give a rat’s tail if  Mr.Rennert makes some extra spare change to spend on another Rolls or Renoir . Our poker- player boss bluffed the greedy bankers again and already the furnace is huffing and puffing its way back online and people are being told to report back to work at Sparrows. 

            This is why Mr. Rennert lives in a house 3 times bigger than the president’s White House, he is smarter than the others and I like that!   As to Mr. Rennert using other people’s money, Trump does it all the time and everybody loves him for it, maybe its time to think the same  positive way of our Mr. Ira?  If Trump can have a TV show, I would love for Mr. Ira to have one too, he can make money and free press from the show just like Donald does and we guys can be guests on the Ira Show.  I cannot wait to see Mr. Ira call in Wci and HotMetalGuru say that you are Hired!  George

          • George

            The Million bucks a day loss, as many on the Brew have said, is just another way for the accountants to “read” the books.  The plan worked, we got  the Governor and Senators to twist the arms of the global loans sharks to give the company better and more realistic terms.  I could give a rat’s tail if  Mr.Rennert makes some extra spare change to spend on another Rolls or Renoir . Our poker- player boss bluffed the greedy bankers again and already the furnace is huffing and puffing its way back online and people are being told to report back to work at Sparrows. 

            This is why Mr. Rennert lives in a house 3 times bigger than the president’s White House, he is smarter than the others and I like that!   As to Mr. Rennert using other people’s money, Trump does it all the time and everybody loves him for it, maybe its time to think the same  positive way of our Mr. Ira?  If Trump can have a TV show, I would love for Mr. Ira to have one too, he can make money and free press from the show just like Donald does and we guys can be guests on the Ira Show.  I cannot wait to see Mr. Ira call in Wci and HotMetalGuru say that you are Hired!  George

          • Anonymous

            I liked it alot better when you and Walter were hiding under a table somewhere when the shit was hitting the fan, half a head ! Nothing has changed, so as soon as you burn through this latest temporary financial reprieve, you can go right back under the same table.We shall see in a few months if you two can still wear your RG cheerleader skirts, monkey boy.

          • apalledinohio

             Is George Walter?…………Walter George? What the fu#k?  They are one in the same. Gotta be union officials. No one else could be that easily bullshitted.       

          • Unionworker

            I told you before they are cirri and polanowski

          • Wci8757

            the sadest thing about walter and george is if they had a billion dollars in there pocket they still could not buy what they never had and never will. that is one ounce of class when it hit the fan you noticed there comedy act shut down.

          • 1190 Scab

            You are either playing games or you are a total FOOL. Read up on Rennert, he has spent his entire  life exploiting people. Nothing is going to change now. He won’t even fund our pathetic little pension, that’s how much he cares about the workers. He is ruthless, at least Aleixi funded our pension. And by the way, this is the 4th pension the W-P people have been screwed on!!

          • Wci8757

            i wouldn’t stand in the same room as you.

  • Anonymous

    One thing about Rennert that has
    troubled me from the beginning, is the fact that he never infuses
    any of his wealth into his business acquisitions. Sort of like, an
    owner by proxy. He could have effortlessly provided much needed cash
    from his personal goldmine to square up with all of RG’s unpaid
    vendors, yet he chose to wait for a third party lender to step up to
    the table. Would much welcome other steelworker thoughts on this? My personal opinion based
    upon being directly affected by his business decisions, and also
    from everything I have seen or read up until this point, is that RG
    Steel is basically a joke of a company. I would feel the same way
    had they chosen to restart Mingo. I really do not feel as though
    they have a competent or valid business plan and certainly not much
    effective management to implement it,even if they did. Ira Rennert is just the owner in name only.

    • apalledinohio

       When Ira tried to dump our pensions on th P.B.G.C. several years ago, they sued him and won. He had to cough up $70 mil. of his personnal stash to replete the fund. Appears as though he learned from that episode, Guru.
       I just hope he learned something about the steel industry as well.

    • apalledinohio

       When Ira tried to dump our pensions on th P.B.G.C. several years ago, they sued him and won. He had to cough up $70 mil. of his personnal stash to replete the fund. Appears as though he learned from that episode, Guru.
       I just hope he learned something about the steel industry as well.

      • George

        Oh come on Apaledinohio, Mr Ira buys a company that Bethlehem and a sting of other owners cannibalized and left only the bones.  You would temporarily take the same actions too,  as he was in the position of a start-up company and to get it quickly up and running to supply the capital for same. 

        He only asked the PBGC if they could shoulder a burden not created by him to free more capital to return the company to profitability so the everyone could go back to high paying jobs.  You act like Mr. Ira stole your pension, the fact is there was no money to steal, as the Beth Big Shots took it all and are now sitting on a warm topical beach having girls in Bikinis serving them drinks with little those little brightly colored parasols.   If you guys want to take pot shots- start taking them at the Beth Steal Big Shots and not at the only people working so hard to get your lazy bones back to work.  

        Sparrows Point is up and will be running before the new week is out and I like that!

        George

        • observer

          Bethlehem steel NEVER had any part of the Wheeling plants!!!

        • hanging on by a thread

          George, Usually i don’t respond to your posts. but when you call a lot of us lazy, that sir i take as a personal insult. Why would any of the people who get on here and bitch about not having a job, if they were lazy ? Did the union hide the fact that there were pension payments that Ira would have to fund. When a company is bought , it’s debts are assumed by the buyer. They are the sole responsibility of the new owner. Surely Ira knows that!! After all he has had enough practice raping other companies he bought in the past,  before he got his hands on us. For such a big shot billionaire he does an awful lot of begging. Either from the banks or the union . The man must not have any self respect or pride. Oh i know you don’t become as rich as he is using your own money. So George why don’t you go fishing and spend time with your grandchildren and enjoy the life you have left

        • hanging on by a thread

          George, Usually i don’t respond to your posts. but when you call a lot of us lazy, that sir i take as a personal insult. Why would any of the people who get on here and bitch about not having a job, if they were lazy ? Did the union hide the fact that there were pension payments that Ira would have to fund. When a company is bought , it’s debts are assumed by the buyer. They are the sole responsibility of the new owner. Surely Ira knows that!! After all he has had enough practice raping other companies he bought in the past,  before he got his hands on us. For such a big shot billionaire he does an awful lot of begging. Either from the banks or the union . The man must not have any self respect or pride. Oh i know you don’t become as rich as he is using your own money. So George why don’t you go fishing and spend time with your grandchildren and enjoy the life you have left

  • Anonymous

    My guess would be a resounding yessssssss!! Suckasses of that magnitude only exist at or above local union level heirarchy.Gotta admit though, it was mighty damn pleasant on here without their daily McCall and Rennert pep rallies. When they were M.I.A., I definitely        ” liked that” !  I would buy a ticket however  to see them both in their cheerleader outfits complete with braided gray pigtails and pom poms, shouting rambunctiously ” Go Ira Go ! Go Dimebag, Go ! Ira Rennert he’s our man, if he can’t do it, no one can !! Yeaaaa   Iraaaaaaaaaaaaa !!

  • George

    OK Boys, now you know what the Coordinators do and why everyone one needs them.  The Maryland Governor called in the bankers and got them to loosen up the credit ONLY because of the respect and close relationship that your dedicated and hard working union leadership has with our National, State, and Local government  officials.   I am only a humble working stiff and proud of it!  Your union leadership not only bailed out the boss, they bailed everyone of you out too, so when you cash that big fat paycheck (that not one else is willing to give you), thank the Leadership first for your good fortune and stop biting the hand that feeds you.

    All Saturday night the guys were working long hard hours to quickly ramp up and I like that!

    George

  • George

    OK Boys, now you know what the Coordinators do and why everyone one needs them.  The Maryland Governor called in the bankers and got them to loosen up the credit ONLY because of the respect and close relationship that your dedicated and hard working union leadership has with our National, State, and Local government  officials.   I am only a humble working stiff and proud of it!  Your union leadership not only bailed out the boss, they bailed everyone of you out too, so when you cash that big fat paycheck (that not one else is willing to give you), thank the Leadership first for your good fortune and stop biting the hand that feeds you.

    All Saturday night the guys were working long hard hours to quickly ramp up and I like that!

    George

  • George

    OK Boys, now you know what the Coordinators do and why everyone one needs them.  The Maryland Governor called in the bankers and got them to loosen up the credit ONLY because of the respect and close relationship that your dedicated and hard working union leadership has with our National, State, and Local government  officials.   I am only a humble working stiff and proud of it!  Your union leadership not only bailed out the boss, they bailed everyone of you out too, so when you cash that big fat paycheck (that not one else is willing to give you), thank the Leadership first for your good fortune and stop biting the hand that feeds you.

    All Saturday night the guys were working long hard hours to quickly ramp up and I like that!

    George

    • Wci8757

      well when the coordinators retire that will be the end of sparrows right. george what ever you do don’t think i am ever that dumb to ever believe that a steel mill has to have them in order to survive. do you think i got hired in yesterday. you must.

    • Wci8757

      two local steel workers bailed out a billionare. you ought to go on saturday night live with that comedy act. man you must think people were born yesterday.

    • UDUMDUM

      boy are you full of it LMFAO

  • George

    Lots 0f Good news this Sunday evening  from downtown Sparrows Point.  First, Two large bulk carriers docked at our beautiful SP seaport, number 2 good news – we got our Sintering Plant is up and running on both sides!!!!! and is purring like a kitten, and 3- the the Ravens did well too!  Life is good again in 21219 and I like that.

    • USWhasafewscabs

      Enjoy it while you can, suckass. Because unless you resurrected Harry Houdini or John Nash to work some magic on your numbers game, you are just prolonging the inevitable. That financial lifeline favor that your Governor called in has an expiration date, so get off your computer and get back to work, you lazy bones ! I like that !

      • Warpig

        expiration date??? where did you get this information from?

        • George

          Warpig there is NO expiration date, he have new partners with deep pockets – expiration dates are only for milk and store rebates.  More good news from Sparrows Point, the Pig Operation boys were told to be ready to start up Pigging!

          And to USWhasafewscabs, As to my being called a lazybones (among other things), well I only go on line during my coffee breaks or when I am off work.  John Nash would have made  a good slag shoveler, what a waste of a good strong back!  The good news is we are having a spectacular start-up and we are hearing that some money is also heading out West to the Big Valley and I know those Ohio guys will like that too!  

          George

          • Warpig

            Who are the new partners anyway? i heard that we just got a loan from a company not that we are partners with anyone

          • appalledinohio

             The new investor is a comp. called Cerebrus from what i’ve been told. I know absolutely nothing about them. Apparently this was told to the men at the union hall last night. As long as they are serious about making steel, i’m happy to have them on board.

          • Friend of Steel

            Cerebus is a large investment company with 55 billion dollars in assets and they use to own Chrysler before the 08 crash.

          • tired/of/s/p/shit

            hey george i have been following your post and would like to make a comment … anybody that would sit and tell the lies u tell definitly is MANAGEMENTS ASS KISSER  warren runs because we get it done time and time again we have had shit throwed at us in warren and we find a way to get it done from what i hear about s/p is u couldnt make my bed let along make steel what i would like to know old man is do they dig u up whenever they need an asshole to speak for the company the rumors we r hearing is s/p is being sold as soon as u r up and running i have always been in support for us all (steelworkers) but u r a selfish old man still working while young people r out of work.

    • Wci8757

      good. you can have your tin back

    • apalledinohio

      Ya know what George, you are so sadly misinformed that you are laughable. Beth. never had anything to do with Warren. You talk all this bullshit like Walter, the other moron, about how the “Big L” is going to kick everyones ass, pleeeeeeeeeese!!!!!! What does “L” stand for, loser? And the Ravens? They are the old Browns!!!!! You live off of Ohio with your so called football team(BROWNS), and you live off of the Warren mill just the same. If not for north-east Ohio, your stupid asses would have nothing, plain and simple. Rather much like yourself!!!!!!!!!!  

  • Tired of the BS

    I’ve got an idea for a page just for Walter and George and their loyal following to battle it out on.So tired of the BS from both sides.When is it going to be time to grow up.

  • Nashorn

    Cerburus (the dog that guards the gates to hell if I remember correctly) is a very large buyout/turnaround firm. They owned a large position in Chrysler, lost billions.

    They are dead serious about making money, making steel’s just another way to do it. 

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  • February 16, 2012

    • Checking through and approving the comments on The Brew every hour or two is an odd daily routine, sort of like seining in Chesapeake Bay – you never know what you’re going to come up with. Lately, I thought, our net has been bringing up some particularly cool specimens – intentional and “found” poems and [...]

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