The Baltimore Sun reported that an auction of bankrupt RG Steel LLC's Sparrows Point steel mill could be held today unless a primary bidder is identified.

RG Steel, which filed for Chapter 11 protection at the end of May, had the option to identify a primary bidder, a so called stalking horse bidder, by 5 PM on Monday, according to a June order signed by Delaware federal bankruptcy Judge Kevin J Carey, who is overseeing the bankruptcy. No document requesting approval for such a bidder was available through online court records late Monday.

If a primary bidder isn't identified, an auction of the Sparrows Point mill would be held today at the offices of one of the law firms representing RG Steel, according to court filings.

If a primary bidder is chosen, the auction would take place by Aug. 21, allowing for negotiations between the bankrupt company and that bidder.

According to a source with knowledge of the bankruptcy proceedings, Nucor Corp, Metinvest Group and CSN submitted bids last week for the Baltimore County steelmaking site

Source - The Baltimore Sun

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