It is reported that a Cleveland investment group is offering the highest bid for an upstate New York steel mill going through bankruptcy reorganization.

The group headed by Jack Jankovic of JP Industries says it would pay USD 8 million for the Crucible Specialty Metals steel plant in suburban Syracuse. The plant employs 700.

A New York City investment firm, BlackEagle Partners, also bid to buy the plant. Earlier this month, workers approved contract concessions in an effort to save the plant.

Allegheny Technologies Inc, a maker of specialty metals in Pittsburgh, submitted the highest bid for almost USD 41 million for Crucible's compaction facility in Pittsburgh.

A federal bankruptcy judge in Delaware will decide whether to accept the bids. If approved, the sales could close in October.

(Sourced from www.syracuse.com)