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Making it official: O’Malley to announce that Sparrows Point has restarted

January 20, 2012 at 10:13 am 4

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Gov. Martin O’Malley has scheduled a news conference this afternoon to announce that the Sparrows Point steel mill has reopened.

None of this is news for Brew readers, of course, but the governor has been eager to show that he was active in helping RG Steel overcome its liquidity crisis, which led to the shutdown of the mill three days before Christmas and the layoff of more than 600 steelworkers.

Two days ago, The Brew reported that Cerberus Capital Management had injected operating capital into RG Steel, allowing the company to repay creditors and restart the idled “L” blast furnace.

Full operations are expected to resume next week.

Attending today’s event at the International Union of Painters and Allied Trades Hall in Hanover, Md., will be executives of RG Steel and officials from Local 9477 of the United Steelworkers.

Sources tell The Brew that Leo Gerard, international president of the USW, is also expected to attend.

  • A very concerned citizen

    Pompous Ass is Gov. O’Malley.  He knows not how the people talk about him behind his back.  He knows not how they make fun of him.  He knows not much of anything but how to trump his political trumping.  God bless this man, for he does not know, and god bless the blue collar worker who will “eat O’Malley’s cake”.

  • RichardPacheco

    Pompous ass Leo Gerard too.  He’s the schmuck that has continually backed the wrong players at SP and the Wheeling facilities.  After a little while don’t be surprised to see him at the head of the line carping and moaning about Cerberus when they throw in the towel too.  Cerberus threw in the towel at Chrysler and unfortunately they’ll learn their lesson again.  I doubt that $145 million will pay off all the creditors (and the pension fund) let alone provide a solid base of liquidity.

    Restarting that furnace resets pricing equilibrium in the steel markets downward, and the $1MM/day losses will prevail once more.

  • Mac

    Another one million dollars  a day lose for that piece of scrap.I’d like to meet the goof balls that lent them the money!

  • Raw Steel

    It’s a good thing you people don’t have any say . Every steel mill would be shut down!

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