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.
 
                       MAKE YOUR OPINION COUNT -  Click Here
                  http://tbutton.prnewswire.com/prn/11690X48188534
 
 

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.
 
                       MAKE YOUR OPINION COUNT -  Click Here
                  http://tbutton.prnewswire.com/prn/11690X48188534
 
 SOURCE  LTV Corporation

RELATED LINKS

http://www.ltvsteel.com