Alternate Plans In Works To Save LTV - Cleveland 19 News Cleveland, OH

Alternate Plans In Works To Save LTV

CLEVELAND - All kinds of alternate plans are in the works to find a quick fix to save LTV Steel -- the nation's third-largest producer of steel, 19/43 News reported.

Two northeast Ohio congressmen, Dennis Kucinich and Steve LaTourette, have claimed that an economic stimulus plan currently being discussed on Capitol Hill would help pull LTV out of its current dilemma.

The new legislation would provide a $250 million loan -- enough money to keep Cleveland's east-side plant up and running.

It could, however, take the U.S. Congress up to 10 days to sign the final proposal.

State lawmakers have also smashed their piggy banks by approving a plan to provide LTV with $5 million in emergency operating funds. There is a catch, however. The plan is contingent on the city of Cleveland and Cuyahoga County pitching in an additional $5 million to help the cause.

Besides money, a major merger is another option that could save the steel powerhouse.

Three of the nation's biggest steel companies -- U.S. Steel, Bethlehem Steel and Wheeling-Pittsburgh Steel said that they are discussing the possibility of merging with other failing steel companies like LTV.

If this were to happen, unions would have to cut some jobs, operating costs would be slashed and health benefits and pensions would be the focus of some serious discussions.

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