Weirton files for Ch. 11 bankruptcy protection
May 19, 2003 | 08:20 PM
| Scott Robertson
Weirton Steel Corp., Weirton, W.Va., the sixth-largest integrated steel producer in the United States, filed for Chapter 11 bankruptcy protection Monday after three years of fighting to avoid such a filing.
The move became inevitable during the past several weeks when Weirton executives realized cost-cutting measures had not been enough to offset rising legacy costs and a weak steel market, sources said. Strategic alternatives, including acquiring other tin mill operations, also were eliminated in recent weeks, in part by merger activity among other major steel producers.
"Our goal is to emerge from bankruptcy as soon as possible," said John Walker, Weirton Steel's president and chief executive officer.
Walker said Weirton's mills would remain in operation and the company has no plans to sell off any assets while in bankruptcy reorganization."We will maintain control and possession of our assets," he said. "We are going to work through the (U.S. Bankruptcy Court for the Northern District of West Virginia) to stabilize. We are keeping our business and operations intact--there are no plans to liquidate or close any mill. In fact, we plan to upgrade as soon as our cash flow improves."....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.