Liquidation Deals
Liquidation of Geneva Steel's substantial assets is still ongoing and may have broad effects on Utah County's future development.
Geneva Steel's 1,750 acres (7 km2) of land were sold in November 2005 for $46.8 million to Anderson Geneva, a sister company to Anderson Development, which plans to reuse the land for a wide range of purposes, including as a possible commuter rail corridor. The land must undergo environmental cleanups before any development can occur, with most of the cost paid for by US Steel. The mill equipment will not remain because it has been sold for $40 million to the Chinese firm Qingdao Iron & Steel Group.
Most of Geneva Steel's water rights were sold to the Central Utah Water Conservancy District in May 2005 for $88.5 million, with some additional water rights sold for $14 million to the private firm Summit Vineyard, LLC, which has used them to support a power plant. Its iron ore properties were sold for $10 million to Palladon Ventures Ltd, which hopes to build a new steel mill with modern technology closer to the iron ore mines.
Geneva Steel's 7,000 tons of emission reduction credits are also for sale. In January 2006, local citizens announced they were forming a group to attempt to purchase and retire those credits in order to maintain local air quality. The exact price of the credits will be determined by the open market, but estimates of the value of the emissions reduction credits range from $350,000 to $35,000,000.
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