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WCI Steel Files Plan of Reorganization
WARREN, Ohio -- WCI Steel Inc. has filed a plan of reorganization with the U.S. Bankruptcy Court for the Northern District of Ohio that will enable it to emerge from Chapter 11 bankruptcy.The reorganization, approved by the company's independent board of directors, is subject to approval by the bankruptcy court and a vote of creditors and other stakeholders.An integral component of WCI's reorganization plan is the tentative labor agreement reached April 14 with the United Steelworkers of America. The proposed contract must be ratified by USWA Local 1375 members and approved by the bankruptcy court in connection with the reorganization plan.Patrick G. Tatom, WCI's president and chief executive officer, said the new labor pact was reached after two months of negotiations involving WCI, the USWA and The Renco Group Inc., WCI's parent company."This agreement is a significant milestone in our reorganization efforts and represents the strong commitment of The Renco Group to WCI's future," Tatom said. "We're extremely pleased that the USWA has pledged its support for WCI's plan of reorganization and will work with the company to obtain prompt approval from the bankruptcy court."The labor contract would become effective upon WCI's emergence from bankruptcy.On Sept. 16, 2003, WCI filed a voluntary petition for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code.WCI produces more than 185 grades of custom and commodity flat-rolled steel at its Warren facility. WCI products are used by steel service centers, convertors and the automotive and construction markets. The company employs 1,700.Visit WCI Steel Inc.: www.wcisteel.com"