Ralph
29.12.2000, 18:19
Dass die Stahlproduktion einer der grössten Sektoren in den USA ist, und erheblich zum GDP-Wachstum beiträgt, macht die nachfolgende Meldung noch gravierender !
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Steel Maker LTV Files for Bankruptcy
NEW YORK (Reuters) - Steel maker and metals fabricator LTV Corp. (NYSE:LTV - news) said on Friday it filed for Chapter 11 bankruptcy protection, in a move that could threaten the jobs of the company's work force of 18,000.
LTV blamed its action on a slowing U.S. economy, and the inability of the U.S. government to enforce trade laws against foreign rivals flooding the U.S. market with low-cost steel.
The company said that without adequate financing it would have to shut down all its plants and lay off its entire work force of 18,000 employees and begin to sell its core assets.
However, it said it is continuing discussions to receive financing to keep its businesses in operation.
The company's stock, which closed at 11/32 on the New York Stock Exchange yesterday, has been halted since the start of trading this morning.
The steel industry has struggled this year, with falling demand and prices, while inventories have surged.
A strong dollar and a weak euro have also continued to encourage imports, analysts say.
LTV has said that foreign imports of steel have driven steel prices to 20-year lows and taken away 40 percent of LTV's business. In August, the U.S. International Trade Commission ruled that China, South Korea, Indonesia, Belarus and Latvia were selling steel concrete reinforcing bars in the United States at below fair value.
LTV joins several other steelmakers that have also filed for bankruptcy protection in recent times. Most recently, Wheeling-Pittsburgh Corp. filed for bankruptcy last month citing deteriorating conditions in the U.S. steel market.
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Ralph, noch weitere Firmenzusammenbrüche in 2001 erwartend ! http://www.stock-channel.net/Board/smilies/frown.gif
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Steel Maker LTV Files for Bankruptcy
NEW YORK (Reuters) - Steel maker and metals fabricator LTV Corp. (NYSE:LTV - news) said on Friday it filed for Chapter 11 bankruptcy protection, in a move that could threaten the jobs of the company's work force of 18,000.
LTV blamed its action on a slowing U.S. economy, and the inability of the U.S. government to enforce trade laws against foreign rivals flooding the U.S. market with low-cost steel.
The company said that without adequate financing it would have to shut down all its plants and lay off its entire work force of 18,000 employees and begin to sell its core assets.
However, it said it is continuing discussions to receive financing to keep its businesses in operation.
The company's stock, which closed at 11/32 on the New York Stock Exchange yesterday, has been halted since the start of trading this morning.
The steel industry has struggled this year, with falling demand and prices, while inventories have surged.
A strong dollar and a weak euro have also continued to encourage imports, analysts say.
LTV has said that foreign imports of steel have driven steel prices to 20-year lows and taken away 40 percent of LTV's business. In August, the U.S. International Trade Commission ruled that China, South Korea, Indonesia, Belarus and Latvia were selling steel concrete reinforcing bars in the United States at below fair value.
LTV joins several other steelmakers that have also filed for bankruptcy protection in recent times. Most recently, Wheeling-Pittsburgh Corp. filed for bankruptcy last month citing deteriorating conditions in the U.S. steel market.
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Ralph, noch weitere Firmenzusammenbrüche in 2001 erwartend ! http://www.stock-channel.net/Board/smilies/frown.gif