Detroit Mayor Considers Selling Bing Steel Plant
DETROIT (AP) — Mayor Dave Bing says he is weighing whether to sell the steel company that bears his name and employs about 600 people.
Bing tells WWJ-AM that The Bing Group has been caught up in the auto industry downturn that has depressed sales of the stamped and processed steel. He says he'll likely decide by early 2010 whether to sell the Detroit-based company.
Bing says his company is burdened with debt that, unlike rival auto suppliers, makes it difficult to borrow money "to keep going." He says he's concerned with preserving Bing Steel jobs and keeping those jobs in Detroit.
The former Detroit Pistons star relinquished Bing Group operations when he was elected mayor in a May 5 runoff.