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Weirton Steel Plans to Recommend Sale to ISG
WEIRTON, W.Va. -- Weirton Steel Corp. yesterday announced it will recommend to a bankruptcy judge on Tuesday to approve the sale of the company's assets to Cleveland-based International Steel Group Inc."After a long and detailed examination of both bids for our assets, we decided that ISG has the highest and best bid that complies with applicable legal standards for submission to the court for the approval of the sale," said D. Leonard Wise, Weirton Steel chief executive."At this time, we will not discuss the details of the two bids. We will hold that disclosure until the sale hearing in court on Tuesday."Mark Glyptis, Independent Steelworkers Union president, added, "The board's decision ends nearly a year of speculation and stress for our employees and the community. The brighter future I've often spoke of is now within our grasp."We must keep an integrated steel mill in Weirton. It means so much to so many people and this valley. We eagerly await Judge Friend's decision and we are more than ready to do what we do best -- making the highest quality steel products."Weirton Steel's board of directors today approved a recommendation by its executive management that ISG's offer be presented to Judge L. Edward Friend II. The recommendation came two days after an auction concluded involving the ISG offer and a bid from the Informal Committee of Secured Noteholders.However, the board imposed several conditions that must be satisfied prior to a closing of any transaction."I thank the two parties for bidding and our management team, our legal and financial consultants, the ISU, as well as our board for working diligently to move this process forward. We look forward to Tuesday's hearing which will add another successful chapter to the Ohio Valley's steelmaking story," said Wise.On May 19, 2003, Weirton Steel filed for Chapter 11 bankruptcy protection in the federal bankruptcy in Wheeling, W.Va. The company is the fifth largest U.S. integrated steelmaker and the nation's second largest producer of tin mill products. Source: Weirton Steel Corp.Web site: www.weirton.com"