Service Centers
April 14, 2015
Lee Steel Files for Chapter 11 Bankruptcy
Written by Sandy Williams
Lee Steel Corp, a privately owned steel service center in Novi, Michigan, filed for Chapter 11 bankruptcy protection on April 13, 2015. In a court filing the company cited “financial difficulties resulting from the present severe collapse in steel prices.” The company listed debt of approximately$10.8 million.
The vast majority of the debt owed is to steel suppliers, both domestic and foreign. Based on a quick analysis of the filing, approximately $10.1 million is owed to foreign, Canadian and U.S. steel suppliers.
