Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

LTV Steel Assets Purchased and Production to Begin

Mar 27 2002

The purchase of bankrupt LTV Steel has been approved, with WL Ross and Co LLC to acquire the flat rolled products plants at Cleveland, East Chicago and Hennepin as well as a coke plant in Ohio.

Related Stories

The business will be called International Steel Group Inc. (ISG) and was bought at an expense of $127 million. The purchase price included certain assets of LTV Steel as well as unspecified costs associated with environmental liabilities.

With the purchase expected to be finalised by April 15, plans are afoot for production to begin within 8 weeks in a limited capacity. Production capacity will be ramped up in line with market demand. This follows on from the plants being idled in December of last year and a request for Chapter 11 reorganisation by LTV Steel.

Under the new ownership, the company will re-enter the marketplace in a controlled manner, with each plant focussing on its specialities. Each plant will also run autonomously and be responsible for its performance and profitability. Details on recruitment are expected to be available shortly.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
(Logout)
Your comment type
Submit

Sponsored Content

Editorial Highlights

The Current State of the Global Semiconductor Market

The Current State of the Global Semiconductor Market

The global semiconductor market has entered an exciting period. Demand for chip technology is both driving the industry as well as hindering it, with current chip shortages predicted to last for some time. Current trends will likely shape the future of the industry, which is set to continue to show

How are Graphene Batteries Made?

How are Graphene Batteries Made?

The primary distinction between graphene-based batteries and solid-state batteries lies in the composition of either electrode. Although the cathode is commonly changed, carbon allotropes can also be employed in fabricating anodes.

Newsletters you may be interested in

See all Newsletters »

Terms

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.

Provide Feedback