LTV Bankruptcy Might Be Helping U.S. Steel Rebound
January 9, 2002 at 6:50 PM EST - Updated July 3 at 5:01 PM
GARY, Ind. (AP) - The outlook for U.S. Steel, the No. 1 domestic steel producer, appears to be improving, and analysts said that the bankruptcy of Cleveland-based LTV Steel might be one of the big reasons.
Pittsburgh-based U.S. Steel has recalled 380 laid-off workers in the past two months, and orders are at their highest level since August. U.S. Steel reports showed a significant increase in orders since November, going from about 68 percent of its shipping capacity then to about 98 percent now.
U.S. Steel spokesman Mike Dixon said that the company is not attributing the recent restarting of a blast furnace at its Gary Works in Indiana to improved market conditions. In fact, he said that a bleak outlook has forced the company to keep another blast furnace near Pittsburgh from being reopened.
But analysts said that U.S. Steel, which employs about 7,500 people at its Gary mill, probably has benefited from LTV's financial troubles.
(Copyright 2002 by The Associated Press. All Rights Reserved.)