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Oh, Scrap! Sparrows Point Auctioned to Other Auctioneer

Oh, Scrap! Sparrows Point Auctioned to Other Auctioneer

The Sparrows Point auction winner is equipment liquidator

, which bought the idled steel plant yesterday for $72 million, the

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The auction of bankrupt RG Steel assets drew no steel companies and, according to an e-mail United Steelworkers Local 9477 President Joe Rosel sent to members, "did not go as planned nor as we expected." The

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's Jamie Smith Hopkins apparently

,  and he held out some hope for the union's 1,600 or so laid-off workers:

Meanwhile, a Pennsylvania scrap dealer bought RG's Warren plant for about $18 million, according to

.  As

The Brew's

Mark Reutter calculates:

The auction results still need to be ratified by the bankruptcy judge.

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