LTV Announces That USWA Leaders Agree to Constructive Talks on Restructuring LTV Steel
Apr 30, 2001, 01:00 ET from LTV Corporation
CLEVELAND, April 30 /PRNewswire/ -- The LTV Corporation (OTC Bulletin
Board: LTVCQ) announced that LTV's Chairman and Chief Executive Officer
William H. Bricker and Executive Vice President and Chief Operating Officer
John Turner held constructive meetings today with United Steelworkers of
America (USWA) President Leo Gerard in Pittsburgh. The Company and the USWA
agreed to work diligently in the coming weeks to fashion both short- and long-
term solutions to the challenges facing LTV Steel.
"Leo Gerard and I also have agreed to travel to Washington together to
work with other steel producers for comprehensive government relief from the
unfair trading practices that are destroying the American steel market," said
Mr. Bricker. Mr. Bricker also said that the USWA understood that the fate of
thousands of employees and retirees depends on the successful restructuring of
LTV Steel and its emergence from bankruptcy as a viable company capable of
succeeding in the highly competitive steel marketplace. He said that the
commitment between the Company and the Union followed a weekend of
negotiations in Pittsburgh involving the LTV Steel and USWA bargaining
committees.
"We are committed to maintaining the efficient operation of our plants and
facilities and serving the needs of our valued customers while the Company and
the USWA develop permanent solutions to the problems facing LTV Steel and the
industry," said Mr. Turner.
The LTV Corporation is a manufacturing company with interests in steel and
metal fabrication. LTV's Integrated Steel segment is a leading producer of
high-quality, value-added flat rolled steel, and a major supplier to the
transportation, appliance, electrical equipment and service center industries.
LTV's Metal Fabrication segment consists of LTV Copperweld, the largest
producer of tubular and bimetallic products in North America and VP Buildings,
a leading producer of pre-engineered metal buildings for low-rise commercial
applications.
This press release includes forward-looking statements. Our uses of the
words "outlook," "anticipates," "believes," "estimate," "expect" and similar
words are intended to identify these statements as forward looking. These
statements represent our current judgement on what the future holds. While
the Company believes them to be reasonable, a number of important factors
could cause actual results to differ materially from those projected. These
factors include relatively small changes in market price or market demand;
changes in domestic capacity; changes in raw material costs; increased
operating costs; loss of business from major customers, especially for high
value-added product; availability of post petition financing; negative market
and credit impact from the Chapter 11 filing; unanticipated expenses;
substantial changes in financial markets; labor unrest; unfair foreign
competition; major equipment failure; unanticipated results in pending legal
proceedings; difficulties in implementing information technology; and other
factors.
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SOURCE LTV Corporation
CLEVELAND, April 30 /PRNewswire/ -- The LTV Corporation (OTC Bulletin
Board: LTVCQ) announced that LTV's Chairman and Chief Executive Officer
William H. Bricker and Executive Vice President and Chief Operating Officer
John Turner held constructive meetings today with United Steelworkers of
America (USWA) President Leo Gerard in Pittsburgh. The Company and the USWA
agreed to work diligently in the coming weeks to fashion both short- and long-
term solutions to the challenges facing LTV Steel.
"Leo Gerard and I also have agreed to travel to Washington together to
work with other steel producers for comprehensive government relief from the
unfair trading practices that are destroying the American steel market," said
Mr. Bricker. Mr. Bricker also said that the USWA understood that the fate of
thousands of employees and retirees depends on the successful restructuring of
LTV Steel and its emergence from bankruptcy as a viable company capable of
succeeding in the highly competitive steel marketplace. He said that the
commitment between the Company and the Union followed a weekend of
negotiations in Pittsburgh involving the LTV Steel and USWA bargaining
committees.
"We are committed to maintaining the efficient operation of our plants and
facilities and serving the needs of our valued customers while the Company and
the USWA develop permanent solutions to the problems facing LTV Steel and the
industry," said Mr. Turner.
The LTV Corporation is a manufacturing company with interests in steel and
metal fabrication. LTV's Integrated Steel segment is a leading producer of
high-quality, value-added flat rolled steel, and a major supplier to the
transportation, appliance, electrical equipment and service center industries.
LTV's Metal Fabrication segment consists of LTV Copperweld, the largest
producer of tubular and bimetallic products in North America and VP Buildings,
a leading producer of pre-engineered metal buildings for low-rise commercial
applications.
This press release includes forward-looking statements. Our uses of the
words "outlook," "anticipates," "believes," "estimate," "expect" and similar
words are intended to identify these statements as forward looking. These
statements represent our current judgement on what the future holds. While
the Company believes them to be reasonable, a number of important factors
could cause actual results to differ materially from those projected. These
factors include relatively small changes in market price or market demand;
changes in domestic capacity; changes in raw material costs; increased
operating costs; loss of business from major customers, especially for high
value-added product; availability of post petition financing; negative market
and credit impact from the Chapter 11 filing; unanticipated expenses;
substantial changes in financial markets; labor unrest; unfair foreign
competition; major equipment failure; unanticipated results in pending legal
proceedings; difficulties in implementing information technology; and other
factors.
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http://tbutton.prnewswire.com/prn/11690X48188534
SOURCE LTV Corporation
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