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LTV to close plant, cut 750
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July 14, 1997: 7:43 p.m. ET
Company to take $150 million charge for retirements at Pittsburgh steel mill
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NEW YORK (CNNfn) - LTV Corp. said Monday it plans to close its steel plant in Pittsburgh by the end of 1997, cutting 750 workers and taking a third-quarter charge of $150 million.
Two-thirds of LTV's Pittsburgh employees will be eligible for retirement benefits, company spokesman Mark Tomasch said.
Apparently, there is no alternative to the retirement offer. "I don't know that there is an option other than that," Tomasch said. "The jobs will cease to exist."
LTV said it will consider the remaining employees for vacancies at other facilities. "Obviously, they're disappointed at that news," he said.
The Pittsburgh plant, which produces coke and by-products, has reached the end of its working life, with operating and environment performance having deteriorated, according to J. James Murray, general manager of raw materials and coke operations. On March 6, the EPA issued a notice of violations at the plant, he said.
The Cleveland, Ohio-based company said it would have cost a prohibitive $400 million to $500 million to correct the plant's operating and environmental problems.
LTV produces flat rolled steel and tubular steel products and is a major supplier to the transportation, appliance, electrical equipment and service center industries.
LTV's stock dipped 1/8 to close at 14 on the New York Stock Exchange. 
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LTV Steel
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