Weirton Steel Expects at Least $2.7 Million from Property Sale
03/26/2004 -
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Weirton Steel Expects
at Least
$2.7 Million from Property Sale
March 26, 2004 — Weirton Steel Corp. expects to earn at least $2.7 million from next month’s auction of a dozen of its properties.
Proceeds from the auction, which will be held April 13 at the company’s headquarters, will help offset the bankrupt company’s debt. All but one of the properties are located in Weirton.
“A minimum bid has been established for each property. Our goal is to attract multiple bidders in order to sell the properties at prices as high as possible above the starting bid levels,” said Virgil Thompson, Weirton Steel attorney and Manager of Economic Development.
The properties and starting bid prices include:
- The Lodge, including furniture and fixtures (adjacent to Williams County Club): $390,000.
- 305 acres (adjacent to Three Springs Industrial Park): $265,000.
- 1.8 acres (adjacent to the company’s headquarters, Three Springs Drive): $175,000.
- 9.9 acres (adjacent to the company’s headquarters): $200,000.
- 6 acres (on Freedom Way, Shelly & Sands site): $150,000.
- 4.8 acres (on Freedom Way, west of Roll Coater): $100,000.
- 24.4 acres (on the north side of Freedom Way, Holman Site): $350,000.
- 5 acres (at Half Moon Industrial Park, site known as the “bone yard”): $210,000.
- 6 acres, includes Half Moon Training Center and equipment (Half Moon Industrial Park): $250,000.
- 7 acres, Steubenville Plant (Rt. 7, Steubenville, Ohio): $400,000.
In February, Weirton Steel agreed to sell substantially all of its assets to ISG for $255 million including the assumption of liabilities. An auction of Weirton Steel will be held in April through the bankruptcy court. The company has retained Harry Davis Real Estate Co., Pittsburgh, to conduct the auction.
Further information concerning the properties, including photos and detailed descriptions, can be obtained online at www.harrydavis.com. Auctioneers Stanford Davis and Leonard Davis may be reached at 1-800-775-2289, while Thompson may be contacted at 304-797-2552.
