How much do you think a steel mill costs?

[rubytue]

The steel mill in Baltimore just sold to the same liquidator that liquidated Borders. The mill was still fully operational a few months ago, with about 2000 workers trained and ready to go. If it weren't for the probably contaminates, the land would be worth so much more. Its a huge swath of waterfront property far enough from the rest of the Port of Baltimore you could probably develop it for residential or mult-use. Now I've never gone shopping for a steel mill, but the price still shocked me.

Just guess. Then click: baltimore.cbslocal.com/2012/08/16/judge-approves-sale-of-rg-steel-assets/?src=fb

[orangeblossom]

It's so sad. My dad used to work there years ago and was laid off. He said at one point before being laid off, he never thought he'd leave there. He made top dollar for that time period.

He said Baltimore, like a lot of other steel cities like Pittsburgh, didn't really keep up with the new technology, and also everybody was moving to plastic and getting away from steel.

Pittsburgh has been able to reinvent the city, and is doing really well. Many other cities in the rust belt have not.

[rubytue]

It is terribly sad. I kind of felt like they had been doing a decent job keeping some of the work here and keeping it going. I feel so terrible for the employees. I know they were counting on another steel company buying it.

I actually live just across from the mill (just the other side of the key bridge), so I admit there is a part of me really hoping for revitalization somehow. But Baltimore isn't so good with that.

I'm just still in awe of the price. That seems so gosh darn cheap.

[orangeblossom]

Yes, the price does seem rather cheap. You would think it would be more. 2000 workers without a job. I pray they can find someone who wants to operate the mill.

[heygrey]

i feel so devastated for those workers. especially the older ones, closing in on retirement. it sucks so much to start looking for new work when you have to compete with young kids who can be employed for the next 40+ years.

[schrodinger]

I was surprised at how cheap that was, I was off by an order of magnitude. I wonder if the environmental liability transferred with the facility, and that kept the price down? I would have expected that a facility with an existing permit for a dock would be worth a lot, just for the over the water access to rail, truck, etc.

Looks like industry in general is really devalued. BP just sold its CA refinery for $2.5 billion, but half of that is the value of the oil in its inventory. $1.3 billion for all that property, including all their rail and boat facilities.