London-based firm says it's buying Louisiana steel mill
LAPLACE, La. (AP) - A London-based group says it has been named the preferred buyer for a Louisiana steel mill that shut down abruptly in the fall, putting 376 people out of work.
Liberty Steel Group says it offered $28 million cash for Bayou Steel Group, which announced the shutdown Sept. 30.
Liberty says it plans to upgrade and modernize the mill in LaPlace and hopes to resume recycling in the second half of 2020 and steel making by 2021.
The deal is expected to close on Jan. 31.
Liberty Steel Group is part of the GFG Alliance, which is headquartered in London.