An auction to sell off steel plants under RG Steel's chapter 11 proceedings has been delayed, according to steelworkers' union officials, Reuters reported yesterday. A posting on the website of the United Steel Workers local branch in Warren, Ohio, said that the auction scheduled to take place yesterday had been postponed "for a week or so." The notice gave no reason for postponement of the auction of the Sparrows Point plant in Baltimore, and two other RG Steel plants in Warren, Ohio and Wheeling, West Virginia. RG Steel LLC filed for chapter 11 protection on May 31 saying that it could not overcome the deterioration of the steel market and would sell off the three plants it bought last year from Russian steelmaker Severstal for $1.2 billion.
