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The United Steelworkers of America and the Unsecured Creditors Committee of the LTV Corporation have reached a tentative labor agreement covering 9,000 steelworkers at operations of the bankrupt steel producer, the USWA announced here today.
Leo Gerard, president of the 700,000-member USWA, which represents 9,000 workers at LTV operations in Ohio, Indiana, and Illinois, said that he had "great confidence" that a mutually acceptable agreement could be negotiated by the June 26 target date set in an announcement today by the Official Committee of Unsecured LTV Creditors.
As part of the transaction, LTV Steel has agreed to continue purchasing limestone from Presque Isle for three years at market prices.
Upon satisfaction of closing conditions set forth in the definitive agreement, LTV will merge with THCG.
Receiving GE's Distinguished Supplier Award for the second year in a row is a special tribute to the skill and continued dedication of LTV Steel's employees and their unflagging commitment to providing total customer satisfaction," said Richard J.
However, non-performance by LTV on these obligations could have a significant impact on Cliffs and/or the Empire Mine.
LTV is a New York-based television and new media company serving the burgeoning bi-lingual Hispanic market with music entertainment, sports and news programs.
LTV Steel said that it would meet with the United Steelworkers of America to discuss the intended shutdown.
The straight mold also will increase LTV Steel's production of high quality, continuously cast slabs by over 16,000 tons per month.
Assuming acquisition of the LTV interest proceeds as expected, Cliffs' book investment per ton of capacity will be about 25 percent less than originally expected, which should markedly improve our return on invested capital.
LTV requested that all inquiries regarding LTV Copperweld be directed to The Blackstone Group.
Trends in Residential Mortgage Products: Third-Quarter 2002 LTV Ratios, FICO Scores and Credit-Support Levels" is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.
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