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Article: N.Y. firm to reopen LTV mills
- Article from:
- Charleston Gazette
- Article date:
- February 28, 2002
- Author:
CopyrightCopyright 2002 Charleston Gazette. Provided by ProQuest LLC. (Hide copyright information)
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pjnyden@wvgazette.com
A New York-based investment company that bought LTV Corp. on
Wednesday plans to reopen the company's steel mills in Ohio and
Illinois.
W.L. Ross & Co. announced that it had acquired LTV's integrated
steel assets for $325 million, including $125 million in cash and
about $200 million to pay for LTV's environmental and other
liabilities.
The purchase includes major steel mills in Cleveland and Warren,
Ohio, and in East Chicago and Hennepin, Ill. The agreement is subject
to approval by federal bankruptcy officials.
W.L. Ross & Co. also announced plans to negotiate a new labor
agreement with the United Steelworkers of America.
With offices in New York City, Tokyo and ...