Liberty Steel Sale Collapse Puts Georgetown Waterfront Redevelopment at Risk

Liberty Steel has terminated its agreement to sell the former Georgetown steel mill to River Development Equities, creating new uncertainty around the redevelopment and environmental cleanup of a 66-acre industrial property considered central to the South Carolina city’s waterfront revitalization plans.

By Paul Ploumis
Published September 17, 2026

MONTREAL (Scrap Monster): A planned sale of Georgetown’s former Liberty Steel mill has fallen through, putting a major piece of the city’s waterfront redevelopment strategy back into uncertainty.

Liberty Steel confirmed that its agreement to sell the property to New Jersey-based River Development Equities had been terminated. The company said it is now engaged with other parties regarding a possible transaction.

River Development had been working toward acquiring the former steel mill while also advancing plans for the nearby former International Paper property, creating the possibility of a coordinated redevelopment across a large section of Georgetown’s industrial waterfront.

Why the Steel Mill Sale Matters

The former steel mill occupies roughly 66 acres along Georgetown’s waterfront and sits near the former International Paper mill and the county-owned port property.

River Development had proposed transforming the steel site into a mixed-use waterfront district incorporating commercial space, restaurants, hospitality, public waterfront access and other amenities.

Conceptual plans discussed earlier this year included a marina, amphitheater and extension of Georgetown’s Harbor Walk.

The steel mill and paper mill properties have been viewed together by local leaders because of their proximity and the opportunity to reconnect a large portion of the former industrial waterfront with downtown Georgetown.

River Development’s agreement to purchase the International Paper property remains in place, according to the developer.

Deal Fell Apart Before City Approvals Were Complete

The steel mill transaction encountered difficulties over the timing of the closing.

According to reporting by The Post and Courier, Liberty Steel wanted the property transaction completed before River Development’s redevelopment plans had received the necessary city approvals.

River Development principal Warren Waters confirmed that the steel mill agreement had ended and said the status of the property would be addressed during a previously scheduled community meeting on September 24.

Although the purchase contract is no longer in place, it remains possible that the parties could resume negotiations or that Liberty could reach an agreement with another buyer. No new transaction has been announced.

Environmental Cleanup Is a Critical Part of the Site’s Future

The future of the property involves more than demolition and new construction.

The former steel mill is being handled as a brownfield because decades of industrial activity created the potential for contamination in soil, groundwater and other environmental media.

South Carolina Department of Environmental Services records show the site is currently covered by Voluntary Cleanup Contract 25-8848-NRP between the agency and Liberty River LLC, an entity associated with the proposed redevelopment.

The agreement was executed in March 2026 and was designed to allow Liberty River to pursue acquisition and redevelopment without assuming liability for contamination caused by earlier owners and operators, provided it completes the environmental work required by the state.

Under the agreement, the property must be evaluated for potential contamination in:

• Soil
• Groundwater
• Surface water
• Sediments
• Soil vapor

If significant contamination is identified, the developer would be required to take measures needed to protect human health and the environment.

Site Has More Than a Century of Industrial History

The environmental review reflects the property's long industrial history.

Before the steel mill was built around 1970, portions of the site were used by lumber, chemical, petroleum, veneer and plywood operations.

Environmental records identify previous operators including Atlantic Coast Lumber, Georgetown Chemical Works, American Cyanamid and petroleum-related businesses.

Steelmaking then continued on the property under several owners, including Georgetown Steel, ArcelorMittal and Liberty Steel, until operations ceased in 2024.

A Phase I environmental assessment identified the site's long industrial history, past spills and waste streams as conditions requiring further investigation.

What Happens to the Cleanup Now?

The termination of the purchase agreement creates uncertainty over how the redevelopment process proceeds, but it does not erase the environmental conditions already identified at the site.

South Carolina DES records continue to list Liberty River LLC as the party to the existing Voluntary Cleanup Contract.

The agency’s publicly available project page had not been updated as of September 17 to explain how termination of the purchase agreement could affect that contract or the work already underway.

That distinction matters because environmental assessment can continue on a different timetable from a real-estate transaction, and any eventual redevelopment will have to account for the conditions identified at the former industrial property.

Georgetown Is Rebuilding After Two Major Mill Closures

The failed transaction carries added significance because Georgetown has lost two major industrial employers in a relatively short period.

International Paper permanently closed its Georgetown pulp and paper mill at the end of 2024 after nearly nine decades of operation.

The closure affected 526 hourly and 148 salaried employees, or 674 workers, according to the company. Contractors and other businesses connected to the mill were also affected.

Liberty Steel had idled its nearby steel mill in October 2024. Demolition began the following year.

The loss of both mills left the city searching for new economic uses for properties that had shaped Georgetown’s industrial waterfront for generations.

International Paper Redevelopment Still Moving Forward

River Development’s separate plan for the former International Paper site is not affected by the termination of the Liberty Steel contract, according to the developer.

River Development and International Paper announced their agreement for the paper mill property earlier this year.

The broader concept has been to coordinate future uses around the former mill properties, county port land and downtown waterfront instead of redeveloping each parcel in isolation.

The loss of control over the steel mill property makes that coordinated approach more complicated, but does not end redevelopment planning elsewhere along the waterfront.

Liberty Steel Also Faces Financial and Legal Pressure

The failed sale comes as Liberty Steel faces several financial disputes connected with the Georgetown operation.

South Carolina-owned utility Santee Cooper sued Liberty in 2025 seeking more than $7 million over unpaid electric charges and the early termination of a power-service agreement.

The parties later reached a settlement. According to the agreement reported by The Post and Courier, Liberty is required to pay Santee Cooper $1.1 million from proceeds associated with the property sale by October 30. The agreement provides for a $5 million judgment if the required payment is not made.

Liberty also faces a separate lawsuit from industrial gas supplier Linde, which alleges that more than $10 million in invoices and facility fees remain unpaid.

The claims remain allegations unless and until resolved through settlement or court action.

Demolition Contractor Seeks Nearly $1.6 Million

GMI Services LLC, a contractor involved in demolition and cleanup work at the steel mill, filed another lawsuit in June seeking approximately $1.6 million.

The company alleges that demolition costs increased because of permitting delays, asbestos remediation and interruptions related to rail traffic.

GMI says it submitted a change order seeking reimbursement for those costs and later filed a mechanic’s lien against the property.

Liberty had not filed a response when the complaint was initially reported, and no court ruling on the merits of the claims had been issued at that time.

Public Meeting Set for September 24

River Development will provide a public update on the Georgetown waterfront redevelopment effort on Thursday, September 24.

The meeting is scheduled from 5:30 p.m. to 7:30 p.m. at Winyah Auditorium.

The developer said it plans to review the work completed to date, explain the planning and due-diligence process and discuss issues involved in evaluating the waterfront properties.

Environmental, engineering and design professionals involved in the project are also expected to participate and answer questions.

What to Watch Next

• A new buyer: Whether Liberty Steel reaches an agreement with another party for the former mill property.
• Renewed negotiations: Whether River Development and Liberty return to the negotiating table.
• Environmental agreement: How the terminated purchase contract affects Liberty River’s existing voluntary cleanup arrangement with South Carolina DES.
• September 24 meeting: What River Development says publicly about the failed steel mill transaction and its remaining waterfront plans.
• International Paper site: Whether redevelopment of the neighboring paper mill continues on its existing schedule.
• Legal obligations: How Liberty’s outstanding settlements and lawsuits affect any future property transaction.

Market and Redevelopment Significance

The Georgetown steel mill story is no longer simply about the closure of an industrial facility.

It has become a brownfield redevelopment story involving environmental liability, real-estate ownership, demolition, infrastructure and the economic transition of a community that lost two major mills within months of each other.

A sale to River Development would have placed two of Georgetown’s largest former industrial properties under the same redevelopment group and opened the door to coordinated planning across the waterfront.

With that transaction now terminated, the steel mill property once again has an uncertain owner-development path. The environmental work already undertaken, however, means the site is further along in the assessment process than it was when the mill first closed.

The next indication of whether Georgetown’s broader waterfront strategy can stay intact is likely to come from the September 24 community meeting and any subsequent announcement from Liberty Steel regarding another prospective buyer.