RG Steel files for bankruptcy


May 31, 2012 at 10:33a.m.

RG Steel files for bankruptcy

WARREN

RG Steel has filed petitions for Chapter 11 bankruptcy in Delaware, the company announced this morning.

The company announced last week that it would idle its Warren plant next month.

“Despite the company’s aggressive cost reduction efforts, significant improvements in its cost structure, and substantial investment capital, the company has been unable to overcome the impact of the continued deterioration of the market and the inability of the industry to sustain a meaningful recovery,” CEO John Goodwin said in a statement.