Bankruptcy Court Approves U. S. Steel's Purchase of LTV's Tin Mill Products Business
The U. S. Steel Group (NYSE: X) of USX Corporation today announced that the U.S. Bankruptcy Court has approved its planned purchase of LTV Corporation's tin mill products business, including its Indiana Harbor, Indiana tin operations. The purchase agreement, announced in October 2000, was delayed when LTV Corporation filed for bankruptcy protection in December. The Bankruptcy Court's decision allows the parties to complete the deal.
Under the terms of the agreement, U. S. Steel will lease the land and take title to the buildings, facilities and inventory of LTV's Indiana Harbor tin operations, which it will operate as an ongoing business. Tin mill employees at Indiana Harbor will become U. S. Steel employees. U. S. Steel will also have the right to transfer certain tin line equipment from LTV's Aliquippa facility to U. S. Steel tin operations.
For more information on U. S. Steel, visit their Website at http://www.ussteel.com/.
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SOURCE: U. S. Steel Group
Contact: Tom Ferrall, 412-433-6899, or John Armstrong, 412-433-6792, or
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