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Wednesday, August 15, 2012

Environmental Liability Transfer & Sparrows Point Steel Mill


Sparrows Point
St. Louis-based Environmental Liability Transfer and Hilco Trading, an Illinois liquidator bout the  Sparrows Point steel mill at auction for $72.5 million.  The former is a redevelopment firm and the latter is a  liquidation company. 

The parties resolved complex issues involving the site's environmental problems. The buyers agreed to pay $500,000 more than their winning bid of $72 million, to be put into an escrow fund. The additional money will pay for efforts to investigate the waters around the steel mill to see if steelmaking toxins have migrated from the property.

CDC is a leading North American real estate development firm specializing in the development, acquisition and redevelopment of major commercial and industrial sites. Since 1985, CDC has acquired over twenty million square feet under roof. As a byproduct of its pursuits, CDC has also acquired, indemnified and alleviated over three-quarters of a billion dollars of environmental liabilities. Major clients such as Caterpillar, General Motors, Textron, Kraft General Foods, Uniroyal, Kaiser Aluminum, G. Heileman Breweries, Fruit Of The Loom, PMX, ABB, Sanvick Milford, Millennium Chemicals and many more have effectively transferred and disposed of environmental liabilities

Environmental Liability Transfer, Inc.acquires and  provides complete removal of environmental liability. With ELT, companies can transfer all known and unknown liabilities.
Sparrows Point was one of Baltimore County's largest private employers. Once it was the largest in the state and supplied steel for the Golden Gate Bridge, the Chesapeake Bay Bridge and hundreds of ships for World War II. (The Baltimore Sun, 8/15/2012, ELT)

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