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May 8, 2008 8:30 pm US/Eastern
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Former 'Beth Steel' Has New Owner
BALTIMORE (WJZ) ―
In the past, three different companies owned the Sparrows Point Plant, formerly known as Bethlehem Steel.
Mike Schuh reports as of Thursday, the plant has a fourth owner.
Tens of thousands once worked at the plant. Now, 2,500 remain.
Two other companies have owned the plant since it was known as Beth Steel, and the sign out front awaits the name of the newest owner, Russia company Severstal.
"It is a very good plant. Some of the facilities of this plant are the best in the country," said CEO of Severstal International, Gregory Mason.
Severstal owns the Sprawling Ex-Ford Motor Company Rouge Plant in Michigan and a mill in Mississippi. Now they add Sparrows Point.
"We will be looking into the possibility of expanding this facility. If we do, that will certainly require additional workforce," said Mason.
It works for Severstal because it's the largest of what's called an integrated producer, meaning they have a hot and cold mill.
It has excellent distribution, a deep water port located on a major highway network and has rail access.
"I think it's a good thing investing in the plant's long term future," said engineer Robb Weber.
At the plant entrance a sign says 'America Strong As Steel.'
"America is as strong as steel, and it will remain strong...irrelevant who owns the plant," said Mason.
The Justice Department forced the former owners out because they controlled too much of the steel made in the U.S.
Severstal now becomes the fourth largest steelmaker in the United States.
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