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WCI Steel Proposes to End Exclusivity
WARREN, Ohio -- WCI Steel Inc. has agreed to a stipulated order terminating its right of exclusivity to file a Plan of Reorganization. WCI filed its Plan of Reorganization April 20 in U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division.Sponsored by The Renco Group Inc., WCI's ultimate parent, the plan includes a recently negotiated labor agreement (subject to ratification) with the United Steelworkers of America. The plan is subject to approval by the bankruptcy court and a vote of creditors and other stakeholders.Edward R. Caine, WCI's vice chairman and chief restructuring officer, says the company met its fiduciary duties in marketing the assets but stipulated to the termination order to underscore WCI's commitment to emerge from the Chapter 11 proceedings in the strongest financial position possible. "We believe WCI has presented the most viable reorganization plan possible, but we want any party interested in WCI to have ample opportunity to forward a competing plan," he says.USWA representatives appeared in court Tuesday and reasserted support of the Renco-sponsored plan and its agreement to the lifting of exclusivityOn Sept. 16, 2003, WCI filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code.WCI is an integrated steelmaker producing 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 has approximately 1,700 employees.Visit WCI Steel Inc.: www.wcisteel.com"