USW praises Wheeling Pitt-Severstal venture

Dec 30, 2004 | 08:37 AM | Scott Robertson

The United Steelworkers union says Wheeling-Pittsburgh Steel Corp., Wheeling, W.Va., and Severstal North America Inc., Dearborn, Mich., are starting the new year right with their plans for a joint venture to operate Wheeling-Pittsburgh's Follansbee, W.Va., coke plant.

The two companies said Tuesday they had entered a non-binding letter of intent to create a joint venture to run the plant, which produces about 1 million tons of coke per year. Under terms of the agreement, Wheeling-Pittsburgh will contribute the assets of the plant to the venture while Severstal will contribute $140 million in capital spending on plant improvements during....

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