Friday, January 25, 2002
Tristate Summary
LTV finds buyer for a coke plant
Cleveland-based LTV Corp., a bankrupt steel maker, said it agreed to sell a Warren, Ohio-based coke plant to Warren Coke Corp., an affiliate of the Tonawanda Coke Corp., for undisclosed terms.
The plant has about 200 employees. It is being kept in “hot idle,” or operable condition, and must be sold by Jan. 31 because the company won't have the money to keep it open, LTV said Thursday.
LTV, the second-largest U.S. steel maker, won a bankruptcy judge's permission last month to sell its mills and keep them in hot-idle condition so they can return to operation more quickly and at a lower cost.
LTV said it's still looking for a new owner for a Chicago coke plant, which also needs to be sold by Jan. 31.
Worthington to cut 500 jobs
Worthington Industries Inc., which cuts and coats steel for customers such as automakers, Thursday said it will eliminate 500 jobs, or 6.6 percent of its work force, as it closes plants and shifts production to other locations.
Operations to be closed are in Malvern, Pa.; Jackson, Mich.; Claremore, Okla.; Fredericksburg, Va.; and two partnerships in Itu, Brazil.
Metal framing will be shifted from Fredericksburg to the Rock Hill, S.C., plant, the company said. Some jobs also will be cut at a Louisville plant, spokeswoman Allison McFerren said.
Columbus-based Worthington expects to have costs in the fiscal third quarter ending Feb. 28 of $55 million for the restructuring and also to establish a reserve for possible missed payments related to the sale of two units in 1999, the company said.
Worthington will have about 7,000 employees after the cuts, Ms. McFerren said.
— From wire reports
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