WARREN - At $36.54 million, Russian steelmaker Severstal U.S. Holdings II Inc. was RG Steel's largest unsecured creditor on April 30, RG said in filing for Chapter 11 bankruptcy protection May 31.
Sparrows Point, Md.-based RG was formed when The Renco Group bought three mills, including the Warren operation, from Severstal on March 31, 2011.
RG Steel is suing Severstal for an alleged $82 million shortfall in working capital experienced immediately after the sale.
Without the working capital shortfall and what RG called Severstal's misrepresentations and contractual breaches, RG said its liquidity crisis "may have been surmountable."
The two steel giants are battling in New York state court.
Coke producer Mountain State Carbon LLC was the second largest unsecured creditor at $22.4 million. Mountain State, a 50-50 joint venture between RG Steel and Severstal units, provides 600,000 tons of coke annually to the Warren mill.
London, England-based Balli Steel PLC was third on the creditors list at $15.77 million, followed by iron ore supplier Cleveland Cliffs at $10.86 million.
Tube City IMS LLC was fourth and last of RG Steel's eight-figure creditors at $10 million.
Rounding out the top 10 were Phoenix Services LLC at $9.74 million; Baltimore, Md., County, $4.5 million; Steelworkers Health and Welfare Fund, $4.33 million; the Ohio Department of Taxation, $3.9 million; railroad Norfolk Southern, $3.28 million, and electric utility Ohio Edison, $3.21 million.
Other creditors include Air Products & Chemicals Inc., $2.9 million; North American Refractories Co., $2 million; Praxair Inc., $1.69 million; and Harsco Metals Americas, $1.65 million.
ESM Group Inc. was the 30th largest unsecured creditor at $1.63 million.
Unsecured creditors typically are vendors, utilities and others that provide goods and services but can't claim assets for payment, as secured creditors can do.
RG Steel listed more than $1 billion in both assets and liabilities in its bankruptcy filing.

