Georgetown Steel Mill to Shut Down Although Hopes for A Buyer Glimmers From Florida

A Florida entrepreneur who tried twice before to buy the Georgetown steel mill says he's again interested in acquiring the mill and preventing it from permanently shutting its doors this summer.

Joseph Wortley of Boca Raton, Fla., plans to meet with plant officials and tour the mill this week, he has announced.  "That plant deserves to live and be producing steel," Wortley said. "This is not just a whim. My family was in the steel business for 80 years. I grew up in the steel business."

The mill's owner, ArcelorMittal, announced earlier this month it will close the mill by the end of August, leaving 226 workers without jobs. The company said the mill can no longer complete with foreign steel wire imports.  Wortley said he thinks the mill can make a profit because it makes high quality steel rod.

This is not the first time Wortley has tried to purchase the steel mill.  In the 2001 bankruptcy of GS Industries, the mill's former owner, Wortley bid $45 million, but was beaten by Midcoast Industries' bid of $53 million, despite the fact that Wortley then raised his bid to $72.8 million.

Wortley sued after the sale, but the lawsuit stalled and Midcoast filed for bankruptcy. Wortley's attempt to buy Midcoast's interests also failed, and the steel mill eventually ended up in the hands of ArcelorMittal.

Before the mill can be legally shut down, the workers' union is also allowed to buy the plant and run it itself.  "We are very much adamant that we are going to do everything we can to keep our plant working," said Sanderson, president of United Steelworkers Local 7898.

The steel mill, which opened in 1969, is located along a curve in the Sampit River, just a few blocks from Georgetown's Harborwalk.

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