LTV Repeats: Common Stock is Worthless

    CLEVELAND, March 12 /PRNewswire-FirstCall/ -- In response to a growing
 number of inquiries from the public, The LTV Corporation
 (OTC Bulletin Board:   LTVCQ) today repeated that the shares of its common stock
 (LTVCQ.OB, posted on the OTC Bulletin Board) are worthless.  The Company
 believes that the value obtained from the liquidation of its assets will not
 be sufficient to provide a recovery for common shareholders.  Shareholders
 will not receive any value as a result of the recently announced sale of
 integrated steel assets to WL Ross & Co., LLC.  LTV also stated that LTV
 shareholders will not receive equity in either WL Ross or the new steel
 company.
     "We continue to be concerned," said Glenn J. Moran, chairman and chief
 executive officer of The LTV Corporation, "that unsuspecting or uninformed
 investors are purchasing LTV shares in the erroneous belief that the Company
 will resume operations and emerge from Chapter 11 as a viable, continuing
 business.  We also are concerned that investors incorrectly may believe that
 the recently announced steel tariffs will add value to LTV common shares."
     Mr. Moran said that LTV Steel ceased all steel operations in December of
 2001 and has contracted to sell its integrated steel assets.  These assets
 will never again operate as part of LTV.  He also noted that the sale of
 assets will not benefit shareholders.
     LTV urged investment counselors and brokers to familiarize themselves and
 their clients with the status of the LTV bankruptcy and to discourage the
 purchase of LTV common shares.
     The LTV Corporation, along with 48 subsidiaries, filed voluntary petitions
 for relief under Chapter 11 of the U.S. Bankruptcy Code on December 29, 2000.
 The cases were filed in the U.S. Bankruptcy Court, Northern District of Ohio,
 Eastern Division and jointly administered as Case No. 00-43866.  On
 December 7, 2001, the U.S. Bankruptcy Court issued an order authorizing the
 implementation of an Asset Protection Plan ("APP"). The APP includes the
 shutdown and sale of all integrated steel assets. The Plan also provides for
 the continued operation and sale of Copperweld and LTV's tubular products
 business.
     The LTV Corporation believes that shares of its common stock are worthless
 because the value expected to be generated by the sale of assets would be
 insufficient to provide a recovery for common shareholders.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X34131413
 
 

SOURCE LTV Corporation
RELATED LINKS
http://www.ltvsteel.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.