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A bankruptcy judge has ruled that Crucible Industries' steel plant in Geddes will be sold early next year. The company, which has been a staple in the Syracuse area for nearly 125 years, filed for Chapter 11 bankruptcy last week due to declining steel demand. The plant, located on State Fair Boulevard, employs over 150 people who will be laid off when it closes.
The auction for the plant is scheduled for February 4, 2025. One bid has already been submitted by EraSteel, a Paris-based steelmaker, offering approximately $17.3 million for the plant and related intellectual property. Crucible's financial struggles have been ongoing, with the company owing an estimated $11 million to vendors and customers, and facing several million dollars in liens, including $9.9 million to KeyBank.
Crucible Industries has a long history in the region, tracing its roots back to 1876. The company has faced financial difficulties before, having gone through bankruptcy in 2009. Despite efforts to find a buyer, no company was willing to commit outside of a bankruptcy sale process. The plant's closure will mark the end of an era for the local steel industry.