BALTIMORE, Md. (AP) — The pending sale of the Sparrows Point steel mill near Baltimore faces a Tuesday deadline.
The prospective buyer, a global investment group called E2 Acquisition Corporation, says the 1.35-billion dollar deal has been delayed by talks between owner Mittal Steel Company and the United Steelworkers over payment of retiree benefits.
The (Baltimore) Sun reports that if the parties fail to reach an agreement by Tuesday, Mittal would continue operating the plant, but a federal court trustee could decide to seek a new buyer.
E2 Chairman Craig Bouchard is also president of steel distributor Esmark Incorporated of Chicago Heights, Illinois, which is leading the acquisition group. He says the delay has caused Esmark's agreements with its prospective partners to lapse, but that they still are committed to the deal.