LTV Foundation's $14 Million Going Mostly To Ex-Employees

CLEVELAND (AP) - United Way Services of Greater Cleveland will give away nearly all of the LTV Foundation's $14 million to as many as 11,600 former LTV Steel Co. employees across the country.

Hardship grants from the LTV Legacy Fund will range from $500 to $3,000.

Mike Benz, chief executive of United Way, said he expects employees to request money for medical expenses, mortgage payments or job retraining.

A committee of volunteers, including officials of LTV and the United Steelworkers of America, will oversee the process, Benz said. About $12.5 million will go toward the hardship grants.

In addition, $1 million of the foundation's assets was promised to United Way, representing the money the company and its employees traditionally donated to the Cleveland campaign.

Benz said expenses associated with distributing the money will come from the $1 million gift.

The remaining $500,000 will go to United Way organizations in other communities where LTV operated.

LTV, which had steel mills in Cleveland, East Chicago, Ind., and Hennepin, Ill., filed for bankruptcy court protection in December 2000. Most of its operations were sold last month.

(Copyright 2002 by The Associated Press. All Rights Reserved.)