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Owner of RG Steel sued by feds for $97M in pension funds
The owner of bankrupt RG Steel, which until last year operated Baltimore County's Sparrows Point steel mill, is being sued by the federal Pension Benefit Guaranty Corp. for $97 million to cover unfunded liabilities and plan contributions, WBFF Fox45-TV reported.
Renco Group, which owns RG Steel, allegedly dumped 24.5 percent of its ownership prior to declaring bankruptcy in May 2012, WBFF reported, selling out to Cerberus Capital Management solely to avoid its pension obligations to more than 1,350…
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