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Local

Steel mill assets on the auction block

HENNEPIN — The next step in the renovation of the former Hennepin steel mill has been scheduled, and apparently the building isn't quite as empty as previously thought. Heritage Global Partners Asset Advisory and Auction Services has listed an auction for the contents of the building on Feb. 11 and Feb. 12, with a pre-auction tour available on Feb. 10.

Alex Dove of Heritage Global Partners said a full cataloguing of the assets of IPS Steel, formerly ArcelorMittal, will be done during the next couple weeks, and items for bid will be listed on the company's website at http://www.hgpauction.com/auctions/71601/assets-formerly-arcelormittal/. Most of the items listed so far are pieces of scrap or tools from the previous operations. Dove said he expected at least 700 lots by the time cataloguing was complete; 30 lots are already on the site.

The auction will be online only, starting at 7 a.m. on Feb. 11 and ending at 10 a.m. on Feb. 12. All of the items up for auction can be viewed during a pre-auction tour on Feb. 10. The tour will be guided and conducted at different times during the day. Details on how to be included in the bid process are also on the website.

Dove could not give an initial estimate on the possible auction proceeds.

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