RG Steel pension plans taken over by federal agency

Two RG Steel pension plans that are underfunded by about $89 million are being taken over by the federal Pension Benefit Guaranty Corp., WBFF-Fox45 reported Thursday.

The steelmaker, which formerly operated the old Bethlehem Steel mill at Sparrows Point, sought bankruptcy protection in late May. Since then, the agency says RG Steel has sold off nearly all its assets mostly to liquidators, and none of the buyers have assumed the pension plans.