ALLENPORT, Pa. — An investors group that bought an idled southwestern Pennsylvania steel plant says it plans to develop an industrial park on the site.

The Mon River Partners of Belle Vernon purchased the Wheeling-Pittsburgh Steel Allenport plant on Feb. 24.

Officials say the $6 million purchase from RG Steel includes eight mill buildings and land along the Monongahela River in Allenport.

The property is being marketed as an ideal location for machine shops, storage, carpentry shops and other light manufacturing.

The company will also assume nearly $4 million in environmental liabilities at the site.

Wheeling-Pittsburgh laid off 240 Allenport workers in 2008 when it bought the company. Allenport was then the sole remaining steel plant in the Mon Valley to survive the collapse of the steel industry.

General Electric Chairman and CEO Jeffrey Immelt’s compensation fell 24 percent in 2011 after it spiked in 2010.GE, which makes products ranging from jet engines to light bulbs, as well as financing projects around the globe, gave Immelt a pay package valued at nearly $11.4 million, according to an analysis of regulatory documents filed Friday. That is down from roughly $15.1 million in 2010.General Electric gave the 56-year old CEO a $3.3 million salary and $4 million bonus in 2011, unchanged from the prior year.Immelt was granted stock awards valued at nearly $3.6 million. He was given none in 2010. He received no option awards in 2011 after being granted $7.4 million in 2010.