Severstal targets RG Steel's MSC lien
Jan 07, 2013 | 04:23 PM
| Chris Prentice
NEW YORK Severstal U.S. Holdings LLC has asked a federal bankruptcy court judge in Delaware to relieve a stay motion that is keeping it from enforcing a lien on RG Steel LLCs security interest in Mountain State Carbon LLC.
RG Steel owes and is liable to Severstal for $100.7 million, an amount that is more than the value of the bankrupt steelmakers stake in the Mountain State Carbon operations, Wilbur Winland, vice president and general manager of Severstal North America Inc.s Columbus, Miss., mill, said in an affidavit filed in support of the motion. Winland is also co-controller of Mountain State Carbon, a 50-50 joint venture between RG Steel and Severstal NA.....
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