Posted in | News | Ferrous Alloys and Metals | Iron and Steel

Georgetown Steel Files for Chapter 11 Bankruptcy

Oct 22 2003

Related Stories

Georgetown Steel followed the well-trodden path of many other American steel producers, filing for chapter 11 bankruptcy today.

Reasons for Georgetown Steel’s demise included the increased cost of natural gas and scrap metal, leading to higher costs which the company could not pass on to customers. Increased competition from cheap and subsidised steel from overseas also played a role.

Georgetown Steel looked at various options including the sale of the business before filing for bankruptcy, but most broke down after unions rejected a 10% pay cut.

Midcoast Industries bought Georgetown Steel in July 2002 for $53 million from a bankruptcy auction. Chairman Daniel Thorne does not hold out much hope for the re-opening of the plant.

For more information on steel manufacture, click here.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
(Logout)
Your comment type
Submit

Sponsored Content

Editorial Highlights

The Current State of the Global Semiconductor Market

The Current State of the Global Semiconductor Market

The global semiconductor market has entered an exciting period. Demand for chip technology is both driving the industry as well as hindering it, with current chip shortages predicted to last for some time. Current trends will likely shape the future of the industry, which is set to continue to show

How are Graphene Batteries Made?

How are Graphene Batteries Made?

The primary distinction between graphene-based batteries and solid-state batteries lies in the composition of either electrode. Although the cathode is commonly changed, carbon allotropes can also be employed in fabricating anodes.

Newsletters you may be interested in

See all Newsletters »

Terms

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.

Provide Feedback