After 32 months of restructuring under Chapter 11 bankruptcy protection, Wheeling Pittsburgh Steel Corp. (WPSC) have emerged, ready to move forward.
WPSC have secured new financing and have just ratified a new labour agreement with the United Steelworkers of America which has allowed them to emerge from bankruptcy.
The new labour agreement keeps wages at reduced levels until May 2004 and includes buyout offers for 650 employees, allowing WPSC to reduce its workforce. They will also reduce management positions by approximately 250 places.
For more information on steel manufacture, click here.