The Baltimore Sun reported that court records show that the high bidder for the Sparrows Point steel mill is a Missouri redevelopment firm called Environmental Liability Transfer.

An official with the company, which bid USD 72 million, said in an interview that Environmental Liability Transfer is doing a JV with Hilco Trading, an Illinois liquidator that was identified as the buyer by the local United Steelworkers union and in an internal email to Sparrows Point managers.

Mr Tom Roberts principal of Environmental Liability Transfer said that "That's all I can say at this time."

The auction came 10 weeks after Sparrows Point owner RG Steel filed for bankruptcy protection. The winning price was far below the USD 810 million paid for the mill four years ago.

The auction's back up bid came from CJ Betters Enterprises, which offered USD 65 million.

CJ Betters won the bidding for RG Steel's Warren plant, at USD 16 million.

Source - The Baltimore Sun

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