Michigan Steel bends to auction
The assets of Michigan Steel on Muskegon Lake will be sold at a two-day auction, starting Wednesday.
The 17-acre lot Michigan Steel owned on Muskegon Lake will be sold at the auction either as parcels or whole, according to an announcement from Stuart B. Millner & Associates, an asset management company that's conducting the auction.
The sale of the foundry's equipment, systems and machinery will follow.
The auction will be both an on-site and online event. Online bidders need to register at Bidspotter.com.
SBMA specializes in the deactivation and decommissioning of industrial and power plants.
Michigan Steel road to auction
Michigan Steel, located at 1148 W. Western Avenue, had been in financial difficulties since late 2012 and largely ceased production since then.
At one point in the last couple of years, employment at the plant reportedly reached 200.
The company owed a substantial amount in back state and federal taxes by the start of 2013, according to published reports.
Creditors were notified in late March the company was being liquidated and that the assets had been turned over to its secured creditor, Pegasus Financial Holdings.
The company most recently had partnerships with Omnicast and Packer Technologies.
Michigan Steel history
The original West Michigan Steel Foundry started production in 1912 and eventually the company specialized in steel castings ranging in size from 5 to 3,000 pounds, according to Michigan Steel's website.
The business changed hands and names several times over the years, with a new Michigan Steel Inc. formed in 2002 by Vaughn W. Makary.
The new Michigan Steel bought West Michigan Steel Foundry from its bankrupt owner, TIC United Corp. of Dallas.
Makary also was the president of Omnicast, a steel and ductile iron distribution company in nearby Norton Shores, according to Michigan Steel’s website.