Hilco Global Repurposes Historic Industrial Site

Hilco Global acquired the above ground assets of the RG Steel Sparrows Point steel mill in September 2012 for $72 million out of bankruptcy. The 3,100 acre, 17 million square foot complex, located in Baltimore, MD on the shores of Chesapeake Bay, had previously operated as Bethlehem Steel and was once the world’s largest steelmaking complex.

Hilco Global maximized the value of this obsolete industrial site by leveraging its multiple capabilities to create unique solutions to address the requirements of its various stakeholders. Machinery, equipment, rolling stock and inventory were sold to buyers around the world. Work began to demolish structures and other obsolete infrastructure, which would be removed and recycled. Preliminary work also began on the clean up and environmental remediation of the land, tainted by 100 years of steelmaking, to current regulatory standards.

Late in 2014, Hilco Global and a private equity firm partnered to start phase II of the project by forming Sparrows Point Terminal LLC (“SPT”) to acquire the property. SPT will continue site clean-up and remediation work to meet development standards to build new infrastructure for the planned tri-modal logistics center. When redevelopment is completed, Sparrows Point will become a major port and logistics center for the East Coast of the U.S. and the site will have been completely repurposed creating thousands of jobs.

 

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