Severstal purchase

Severstal purchase

Warren

RG Steel, LLC has completed its purchase of Severstal Warren from Severstal US Holdings, LLC.

The sale includes two other Severstal plants, one in Sparrows Point, Md., and one in Wheeling, W.Va. RG Steel previously owned the Warren plant before losing it in bankruptcy five years ago.

RG Steel is an affiliate of The Renco Group, Inc., which is based in New York.

Accounting change

NILES

First Niles Financial Inc. is changing the accounting treatment regarding its settlement agreement for recovering $1.8 million in losses associated with its largest nonperforming loan obligation.

First Niles Financial is the holding company of the Home Federal Savings and Loan Association of Niles.

The bank is expecting $1.55 million in pre-tax income that was recognized in the fourth quarter of 2010 to instead be recognized in 2011.

“This treatment is more conservative and more readily reflects the actual cash flow of the transaction,” Lawrence Safarek, president of chief executive officer of First Niles Financial, said in a press release. Parties to the settlement have paid $750,000, according to the press release. The remaining $1.05 million will be paid in installments through Sept. 30.

Store renovations

Boardman

J.C. Penney is starting renovations at its Southern Park Mall location, 7401 Market St. The $5 million renovation will include a full-service Sephora boutique and new lighting, signage and graphics for easier store navigation. The store also will include two shops-within-a-shop: MNG by Mango and Call It Spring.

Renovations are expected to be completed in August.

Vindicator staff reports