The arrival last night of ore carrier Saldanha at Sparrows Point – after being anchored for most of the week near Annapolis – suggests that RG Steel may be working its way out of a liquidity crisis that stopped steelmaking at the plant shortly before Christmas.

The Maltese-registered ship, reportedly carrying iron ore from the Kumba ore fields of South Africa, anchored at Sparrows Point at 8:30 last night, according to marinetraffic.com, which tracks commercial ship movements.

The boat’s arrival indicates that RG Steel is able to pay a key supplier and can replenish its supply of raw materials, enabling the start-up of its idled furnaces. (Iron ore is the key ingredient of steelmaking.)

The tracking service shows that the ship had been moored since at least January 2 (records do not go back further) in the Chesapeake Bay south of the Bay Bridge and east of Annapolis. Yesterday afternoon, the carrier began its journey north to Sparrows Point.

Saldanha joins a smaller ore carrier, Richelieu, which arrived at the steel plant on Tuesday and is currently anchored at the main ore unloading dock. Operated by Canada Steamship Lines, Richelieu serves the Labrador ore mines once owned by Bethlehem Steel Corp. and a traditional source of supply for Sparrows Point.

Hush-Hush Meeting with Bankers

RG Steel has not released any public information about a liquidity crisis that resulted in the suspension of steelmaking on December 22 and the layoff of between 500 and 800 steelworkers.

The Brew yesterday reported that representatives of the 12 banks that provide a $750 million credit facility to RG Steel met with management at the plant.

RG Steel is trying to get the banks to ease the terms of the loan so it can pay off creditors.

Yesterday’s meeting was a tightly guarded secret – and there was no word on how the negotiations may have ended.

(Thanks to “Walter/drzoy” for information about last night’s ship arrival.)