Photo: Getty Images
Crucible Industries, a prominent steel manufacturer based in Geddes has filed for Chapter 11 bankruptcy protection. The company, which employs over 100 people, is seeking to reorganize its debts and find a buyer to keep its operations running. Crucible has already identified a potential buyer willing to pay approximately $17.3 million for its specialty steel plant and related intellectual property, though the sale price could adjust based on inventory value. The company plans to auction the factory in early February, aiming to secure a higher bid.
The decision to file for bankruptcy comes amid declining demand for steel and financial difficulties. Crucible's leadership, including Chief Restructuring Officer David Van Rossum, is pushing for an immediate court ruling on the bankruptcy petition to facilitate the sale process. The company has warned employees that without a buyer, the plant could close by March 2025.
Crucible Industries, formerly known as Crucible Steel, has a long history in Central New York, dating back to 1876. The company has faced financial challenges before, filing for bankruptcy in 2009. The current filing includes several million dollars in liens, with debts to creditors such as KeyBank and New York State's Empire State Development. Despite these challenges, Crucible's management remains hopeful about finding a buyer and continuing operations.
A hearing on the proposed bidding process is scheduled for Thursday (December 19). The outcome will determine the future of the plant and its employees. Former employees, like Rodney Sharp, who worked at Crucible for 28 years, have expressed hope for a successful restructuring and new ownership.