Decline
With the steady deline in domestic steel production, Sharon Steel attempted to update the Farrell plant with a continuous caster. Funding failed and Sharon Steel idled No 2 blast furnace, nicknamed Judy, and closed the mill in November 1992. Later that month, Sharon Steel filed for Chapter 11 bankruptcy. Caparo Inc. bought much of the mill from Sharon Steel in 1995. Due to financial troubles, Judy, as well as blast furnace No 3 were destroyed simultaneously at 6:00pm Friday, March 1995 at the Farrell plant. Judy, the bigger of the furnaces, stood 110 feet tall at the time of the dismantlement. The explosion created a large flash of light and could be heard for miles around. The remains of the furnaces were sold for scrap. The No 1 furnace had been destroyed 70 years prior.
Read more about this topic: Sharon Steel Corporation
Famous quotes containing the word decline:
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