FAIRMONT, W.Va. (AP) â¿¿ Three companies will pay nearly $30 million to continue cleaning up a riverside Superfund site near Fairmont, W.Va. and to reimburse the state and federal governments for previous work, the U.S. Environmental Protection Agency announced Monday.
The settlement filed in U.S. District Court in Clarksburg requires Exxon Mobil Corp., Vertellus Specialties Inc., and CBS Corp., to spend $17.8 million cleaning up the mess that their predecessor companies created decades ago while processing coal tar and other hazardous wastes.
The reimbursements total about $11 million, the EPA said, while costs going forward are projected to be another $1 million.
The 38-acre property along the Monongahela River was designated a Superfund site in 2000, decades after industrial activity dating to 1932 polluted it with coal tar, light bulb byproducts and other hazardous materials.The cleanup will include removing about 5,500 cubic yards of tainted soil, building an impermeable cap and improving a groundwater containment system to keep the hazardous materials from migrating. Between 1932 and 1973, the site was a tar processing and refining plant owned by a predecessor of Vertellus Specialties, including Reilly Tar and Chemical Corp. Domestic Coke, a predecessor of ExxonMobil, ran a coke product plant next to the site, delivering the crude tar for processing along with the former Sharon Steel Corp. From 1973 to 1984, Big John Salvage owned the property and ran a metal, glass, and oil salvaging operation. EPA officials say Big John's took hazardous waste from Westinghouse Electric Co., a predecessor of today's CBS Corp., and that waste included lead dust, mercury-tainted waste oil and fluorescent light bulbs that contained mercury. The court filing says Big John's filed for bankruptcy in 1984. Work to keep tar from seeping into surface water and the Monongahela River has been under way for years.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV