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Sat Jun 2, 2012, 10:18 AM

The potential forth largest steelmaker in the USA (RG Steel) filed chapter 11

bankruptcy Thursday. This is another example of a vulture capitalist Ira Rennert at work. He bought part of the Severstal NA
last year and ran the company bankrupt trying to operate an inefficient blast furnace in Baltimore. While we had
a five year old state of the art EAF (electric arc furnace) in Mingo Junction Ohio sitting idol. To top it off the EAF was
built buy a loan from the federal government under the Byrd bill. What is ironic is our new arc furnace built with taxpayer money has been sitting idol for three years and Republic Steel just announced a few weeks ago they are going to build a brand new EAF in northern Ohio because they need the extra capacity to supply the auto and gas drilling industry. Renert
owned part of the company several years ago and bankrupted it and sold out and now he comes back buys the company again and bankrupted it again.




http://theintelligencer.net/page/content.detail/id/570520/RG-Steel-Is-Seeking-Chapter-11-B---.html

Who is Ira Rennert?: http://en.wikipedia.org/wiki/Ira_Rennert

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Reply The potential forth largest steelmaker in the USA (RG Steel) filed chapter 11 (Original post)
doc03 Jun 2012 OP
benld74 Jun 2012 #1

Response to doc03 (Original post)

Sat Jun 2, 2012, 01:27 PM

1. Sickening as usual whenever and wherever this occurs!

There are NO businessmen anymore!
Nobody knows HOW to BUILD a business
They only know how to suck out the profitable parts
take it
and leave the shell.
Heartbreaking

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