The sale will fund unpaid pensions for former steelworkers, but union officials worry their fight may not be over.
Pacific Steel Casting
Posted inCity
Vacant Pacific Steel site could be home to new life sciences campus
The Gilman Forge project would redevelop a 10-acre site along I-80 in Berkeley, including the steel plant that shut down in 2018.
Posted inCrime & Safety
Pair arrested on suspicion of copper wire theft at Pacific Steel Casting
Berkeley police officers arrested a man and woman Monday morning after catching them stripping copper wire at Pacific Steel Casting, authorities report.
Posted inCity
Buyers of Pacific Steel Casting ‘looted’ its assets, made ‘insider deals,’ according to bankruptcy trustee
The Speyside Fund and Speyside Equity, among others, should return the $14.5 million it took in distributions so the money can go to pay worker pension funds and other debts, a legal filing contends.
Posted inHousing & Development
A vision for Berkeley’s old Pacific Steel Casting site: A hub for industrial innovation
Dozens gathered to discuss what should be done with the 8.3-acre site near Second Street. Most said it must be preserved for manufacturing uses to keep Berkeley a diverse place in which to live.
Posted inBusiness
Pacific Steel Casting Company finances revealed during bankruptcy hearing
The equity firm that bought the company in 2014 only put $2.5 million of its own funds into the business, but took out $11.25 million in distributions, according to Pacific Steel Casting’s vice-president of finance.
Posted inBusiness
Pacific Steel Casting files for bankruptcy. Top executives get paid, but workers don’t get severance
The 84-year old company said as early as 2017 that it had to shut down because of financial issues. It repaid the equity firm that bought it $3.8M in 2018, but none of the workers got severance pay.
Posted inBusiness
Berkeley’s shuttered Pacific Steel owes around $1M in severance pay to workers
The company did reach a settlement to pay off hundreds of thousands of dollars it owed to workers’ health and pension funds.
Posted inBusiness
Berkeley wants input on Pacific Steel Casting plant’s future
The land is zoned for manufacturing and the city wants to hear ideas about how to convert it from heavy industrial use. That will also make it easier to sell.
Posted inBusiness
End of an era: Berkeley’s Pacific Steel Casting shuts down after 84 years
The closure of the city’s last big “smokestack” factory means the end of well-paid union jobs. But it also means neighbors will no longer be bothered by a ‘burnt pot handle’ smell.
Posted inBusiness
Temporary reprieve for workers: Pacific Steel Casting to remain open through March
Business has picked up at the 83-year-old company, one of Berkeley’s last remaining heavy industrial plants.
Posted inBusiness
As Pacific Steel in Berkeley plans shut-down, union sues for unpaid benefits
The union representing the workers at Pacific Steel Casting, which is closing after 83 years in business, says the company is late on pension and health payments.
