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12/26/2002



Rail News: Rail Industry Trends

Buckeye Steel files for Chapter 11


Buckeye Steel Castings Co. no longer is languishing in limbo. On Dec. 20, the 121-year-old steelmaker filed to reorganize under Chapter 11 of the U.S. bankruptcy code, says Craig Holman, director of strategic development.


"Because of the provisions of the filing, I'm unable to comment further," says Holman, adding that questions should be directed to the company's attorney, Dinsmore & Shohl L.L.P.


On Oct. 15, Buckeye Steel shut down operations and laid off nearly 700 workers because its credit revolver had expired and company officials couldn't locate new creditors, investors or a buyer.


Since that time, the steelmaker has produced and shipped product only if a customer and bank agreed on a cash deal, says Holman.


Buckeye Steel produces cast-iron undercarriages and couplings for rail cars, and steel parts for heavy-construction equipment.


Jeff Stagl


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