It is reported that owners of Crucible Materials Corp are looking for a buyer for the company, even as it warned employees by letter that the steelmaker may close in August.

Crucible filed May 6 to reorganize under Chapter 11 of the US Bankruptcy code. The company's headquarters and a steel plant is located in Geddes next to the State Fair. It also operates a plant and research center in suburban Pittsburgh, and has warehouses around the United States.

The company, which is owned by its management believes that it's in its best interest to find a buyer, and several have already come forward, said Crucible's Vice President James Beckman.

The company gave the state 90 days notice that it could close or significantly cut the number of jobs in Geddes if it does not find a buyer, financing or is unable to reorganize and repay its debts under court supervision. The company employs 1,000 people, including 675 locally.

(Sourced from The Post Standard)