A former steel mill in East Chicago is under new ownership and could be set for redevelopment. Chicago-based Speedwagon Capital Partners has acquired the property from Ohio-based Cleveland-Cliffs Inc. (NYSE: CLF), though financial details are not being disclosed.
The steel bar mill has been idled since 2000 and Cleveland-Cliffs assumed ownership of the site as part of its $1.4 billion acquisition of ArcelorMittal USA last year.
SCP says the site, located at 4000BL Kennedy Avenue in the Lake County city, is well-suited for industrial redevelopment because of its on-site rail access, barge access to Lake Michigan and proximity to multiple interstates.
“We are very excited about the favorable logistical and supply chain attributes that this premier industrial location offers,” Steve Khoshabe, senior managing director at SCP, said in a news release.
However, an SCP spokesperson declined to provide details on any specific redevelopment plans in an email to Inside INdiana Business.