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According to press reports, RG Steel is set to idle ALL of its facilities and start laying employees off in June; not only at the 3.4m tpy Sparrows Point, Maryland facility, but also at the Warren, Martins Ferry, and Yorkville, Ohio facilities due to “an immediate, and unexpected liquidity crisis.”

The combined real impact of shutdowns at both Sparrows Point and 1.4m tpy Warren will be slightly more than 5% of the sheet market, while the Martins Ferry and Yorkville facilities are finishing only.

Our full report provides our thoughts on the impact on the domestic sheet market as well as the implications for steel equities.

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