The Liberty Steel Group has made a $28 million bid to buy the Bayou Steel Group and reopen the recently closed LaPlace plant.
According to a release from Liberty Steel, Bayou Steel Group’s bankruptcy firm has named them the preferred cash bidder, and they expect to complete the deal on Jan. 31, 2020.
Liberty’s current plan is to upgrade and modernize the idle steel mill and restart recycling operations in the second half of 2020 and steel making in 2021.