For a perceptive investor, opportunity may be beckoning in Mingo Junction. Time is of the essence, however.
As part of bankruptcy proceedings involving RG Steel, the company's old Mingo Junction steel mill was sold to Frontier Industrial of Buffalo, N.Y. The firm is involved in demolishing much of the older section of the plant.
But part of it, including the $115 million electric arc furnace opened in 2004, remains intact. Frontier officials would like to find investors interested in reopening part of the mill, including the arc furnace.
Company official Craig Slater has said doing that would require an investment of about $80 million, so this is not a deal for the faint of heart.
Slater also has said his firm has discussed electricity prices, a key consideration for operation of the arc furnace, with American Electric Power and the Public Utilities Commission of Ohio.
If AEP and the PUCO can work out a plan to help get part of the Mingo Junction mill back up and running, they should do so. Other state officials able to lend assistance should be eager to help, too.