The auction to determine the new owner of the Ormet plant in Hannibal, Ohio, was under way on Thursday.
According to officials, a number of interested parties submitted bids for the closed plant, with a base bid of $15,250,000. The auction, taking place at a Cincinnati law firm, is a private auction, with no one allowed to attend except the bidders.
The United Steelworkers and Ormet employees are hoping the plant is purchased by someone wants to restart the plant and operate it again. The identity of the new owner may be know as early as Thursday evening.
Ormet filed for bankruptcy in 2013 and shut down last October after not receiving electricity rate relief.