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Geneva Steel Trying to Liquidate its Wares

Geneva Steel Trying to Liquidate its Wares

Posted - Aug. 11, 2003 at 8:03 a.m.



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(Vineyard-AP) -- For sale: one used steel foundry.

Folks at Utah's Geneva Steel aren't getting many takers so far.

Geneva Steel C-E-O Ken Johnson says the idle steel plant has been a tough sell since it went on the market back in April.

There's (M)millions of dollars in inventory, and all of it is for sale. The gear includes 13 locomotives and 366 rail cars, 85 cranes, 91 welding machines and a 810-thousand-ton coke plant.

Company officials say it might be years before they clear out all the old steel-making equipment. Then, old buildings will have to be demolished and the land will be cleaned up.

The Geneva plant was once the heart of Utah County heavy industry. But cheap steel from abroad has doomed the plant.

(Copyright 2003 by The Associated Press. All Rights Reserved.)

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