CLEVELAND — Directors of LTV Corp., the nation's third-largest steel producer, met Thursday to decide whether to seek bankruptcy court protection because of financial problems they say are caused by cheap imports.

        The Cleveland-based company has 18,000 employees and hasn't turned a profit since 1997. LTV said it was considering filing for Chapter 11 protection from creditors today in Youngstown. The filing would give LTV time to reorganize its finances. LTV emerged in 1993 from seven years of U.S. Bankruptcy Court protection.

        The board's decision won't be disclosed until today, LTV spokesman Mark Tomasch said.

        As news of LTV's turmoil hit Wall Street, shares of LTV were halted at 34.4 cents in trading on the New York Stock Exchange.

        Earlier in the day LTV chairman William H. Bricker sent a letter to community leaders. “It is with the most profound regret that I must inform you that LTV Steel is on the verge of ceasing all operations,” Mr. Bricker wrote.

        Like many other steel makers nationwide, LTV struggled in recent months, most recently posting an $80 million third-quarter loss.

        Cleveland Mayor Michael R. White said the loss of LTV would greatly harm the city.

        In a report Dec. 15, the Ohio Steel Council said market conditions for Ohio's steel producers had weakened considerably since midyear because of falling steel prices, record imports and weakening demand.

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