ISG buys Georgetown mill.International Steel Group Inc. (ISG ISG Iraq Study Group ISG Iraq Survey Group ISG International Steel Group ISG Integrated Security Gateway ISG Information Systems Group ISG Information Systems Group (IBM) ISG Integrated Starter/Generator ), Richfield, Ohio Richfield is a village in Summit County, Ohio, United States. The population was 3,286 at the 2000 census. The village and surrounding township are fast-growing, rural/suburban communities, known for good schools and being equidistant between the downtown areas of Akron and , has signed an agreement to acquire the assets of the former Georgetown Steel Co. facility in Georgetown, S.C., subject to closing adjustments and approval by the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . The agreement has been approved by the boards of directors of both companies. ISG plans to restart operations at the plant in the third quarter of 2004. Initial discussions are taking place with the United Steelworkers of America regarding a labor contract and staffing of the plant. Georgetown Steel, a manufacturer of high-carbon steel wire rod products, filed for Chapter 11 bankruptcy last October and ceased production. The facility has annual steelmaking capacity of 1 million tons and rolling capacity of 800,000 tons. The Georgetown plant produces wire rod products and also has equipment to make up to 500,000 tons of direct reduced iron Direct reduced iron is produced from iron ore powder through heating and chemical reduction by natural gas. While this is in general a more expensive process than reducing the ore in a blast furnace, there are several factors which can make it economical: The deal continues ISG's tactic of buying steel mills from bankruptcy courts, with the Georgetown plant joining mills acquired by ISG from LTV LTV See: Loan-to-value ratio Corp., Bethlehem Steel Corp., Weirton Steel Corp. and Acme Steel Co. The Georgetown mill opened in the late 1960s and employed from 250 to 500 people during its last years of operation, according to a report in the Cleveland Plain Dealer. |
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