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Friday July 6 7:44 PM ET
Union Reaches Deal With LTV Steel
Union Reaches Deal With LTV Steel
CLEVELAND (AP) - The United Steelworkers of America said Friday
it has reached a tentative agreement with creditors of LTV Steel on
labor contract concessions the bankrupt company contended were
necessary to remain in operation. The deal meets LTV's restructuring needs while ``preserving the
jobs and income of our active members and the standard of living of
our current and future retirees,'' said David McCall, chair of the
USWA's negotiating committee. Details would not be disclosed until union members were briefed,
the USWA said in a statement. LTV spokesman Mark Tomasch refused to confirm the agreement. LTV, which been under bankruptcy protection since December, is
the nation's third-largest integrated steel maker, meaning it takes
the metal from ore to scrap. It operates in 17 states, Canada and
Britain. Company officials have said LTV must reduce annual costs by $800
million to remain viable, and that one-third of that savings will
have to be achieved through labor costs. LTV chief operating officer John D. Turner said last month that
without a new labor contract, the company will be forced to
liquidate. Turner said the company has enough cash on hand to
operate only through September. After weeks of negotiations with the union, LTV in June asked
the bankruptcy court for permission to unilaterally impose a new
labor contract on its workers, with significant reductions in
health care benefits among other cuts. Company officials said at the time that they went to the court
because talks with the union had stalled. Before the judge could rule, the company's creditors stepped in
and convened talks with the steelworkers and company executives.
The contract dispute covers 9,000 employees of LTV Steel. The restructuring plan would have to be ratified by union
members and approved by the bankruptcy court handling LTV's case. The bankruptcy judge has a status hearing scheduled for Monday. LTV reported $719 million in losses on $4.9 billion in sales in
2000. The company blames its struggles on competition from cheap
imported steel. Eighteen domestic steel companies have filed for
bankruptcy protection since 1997, when global demand for steel
dropped, forcing prices down and spurring more overseas
manufacturers to turn to the United States to find customers. President Bush (news - web sites) on June 5 initiated a wide-ranging investigation
of low-priced foreign steel. If the International Trade Commission
finds that domestic producers have been seriously harmed, it could
recommend punitive tariffs or quotas to restrict imports.
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Earlier Stories
LTV, Union Near Contract Settlement (July 5)
LTV Talks Over Concessions (July 3)
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