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ISG Establishes Water Treatment Trust for Former Bethlehem Steel Mines
RICHFIELD, Ohio -- International Steel Group Inc. announced Thursday that it has reached an agreement with the Commonwealth of Pennsylvania and its Department of Environmental Protectionto create a $19.9 million trust fund, which will be funded over the next several years to finance continual treatment of polluted mine pool discharges in Cambria, Somerset and Butler counties in Pennsylvania. The discharges come from seven underground mines and three coal refuse areas formerly operated by Bethlehem Steel Corp. and its subsidiary, BethEnergy Mines Inc. ISG acquired the mines and substantially all other assets of Bethlehem Steel in 2003."We are very pleased to complete this agreement with Pennsylvania. This agreement protects the environment and provides a cost-effective plan for ISG as the new owner of these sites," said Rodney Mott, ISG president and chief executive officer. "This is important in helping to define the role of our substantial Pennsylvania coal reserves in the context of ISG's overall, long-term raw material strategy."State officials had originally estimated the need for a $47 million fund to treat the mine water, but operational improvements and efficiencies recommended by ISG, and endorsed by DEP, reduced the amount to $19.9 million. ISG has already funded about $2.6 million in an escrow account and expects to fund the balance over the next several years. ISG has recognized these amounts in its recorded environmental liabilities.Visit International Steel Group at www.intlsteel.com"