Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

Wheeling-Pittsburgh Steel in Bankruptcy Limbo

Mar 4 2003

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The bankrupt Wheeling-Pittsburgh Steel had its $250 million package from the Federal Emergency Steel Loan Guarantee Board rejected last Friday. This loan had been seen as the companies saviour since it applied for bankruptcy protection in November 2000.

The Board was unconvinced that the steel company would be able to repay the loan as they did not have sufficient earning potential.

Both Wheeling Pittsburgh and the USWA were surprised by the decision. Wheeling Pittsburgh found it confusing that consultants hired by the board never met with company officials. USWA officials were also surprised by the decision as they had been led to believe that the loan would be approved.

The decision leaves Wheeling-Pittsburgh in limbo, looking for another strategy to emerge from chapter 11 bankruptcy, with the most likely solution, a merger with another steel company.

For more information on steel manufacture, click here.

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