Last year, a bankruptcy court judge approved a $42 million environmental cleanup plan for the Geneva site. Under that plan, Geneva's former managers and its former owner, U.S. Steel, agreed to share in the cleanup costs, with Geneva paying $12 million and U.S. Steel the remaining 75 percent of total costs.

The losing bidder won't go away empty-handed. Under the auction rules, Utah Lake is entitled to $1.3 million in so-called breakup fees, which allow the company to recapture its due-diligence costs.

Vineyard-based Geneva, which has been in bankruptcy since January 2002, already has sold its core steelmaking equipment to a Chinese firm for $40 million. In March, Geneva sold its water rights for $88.5 million to the Central Utah Water Conservancy District. The estate still is expected to sell its emission credits, Markus said, and could realize more revenues from outstanding litigation matters.

Earlier this summer, the mill's three blast furnaces, nine stoves and two stacks were demolished.

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