RG Steel filed for bankruptcy-court protection, with plans to shut down facilities in Ohio, West Virginia and Maryland. News Corp is a network of leading companies in the worlds of diversified. May 31, · RG Steel LLC, owner of the Sparrows Point mill, on Thursday filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Delaware. The voluntary filing will give RG Author: Gary Haber. Mar 13, · RG Steel then filed Chapter 11 bankruptcy in May , leaving the PBGC to assume the company’s pension obligations. The PBGC is a government insurance agency that steps in to guarantee workers’ pensions up to a certain level when large manufacturers such as RG Steel .