LTV Steel Asks To Shut Down Operations - Cleveland 19 News Cleveland, OH

LTV Steel Asks To Shut Down Operations

CLEVELAND (AP) - Cleveland-based steelmaker LTV Corp. is asking the U.S. Bankruptcy Court for permission to halt its integrated steel operations and to get ready to sell them.

The company told the court today that it no longer has enough money to operate its integrated steel facilities.

LTV's steel mills in Cleveland and Indiana Harbor would be affected by the plan.

The company says that it wants permission to reject labor agreements and take other actions necessary to idle the mills and prepare them for sale.

LTV filed for bankruptcy court protection from creditors on Dec. 29. It blamed competition from cheap imports and a sluggish economy.

The proposal to halt operations excludes the company's LTV Copperweld unit.

LTV is the nation's third-largest integrated steelmaker, operating in 17 states, Canada and Britain.

(Copyright 2001 by The Associated Press. All Rights Reserved.)

Powered by Frankly