Bethlehem deal agreement with USWA
Bethlehem Steel Corp. which will be sold to International Steel Group (ISG) in a short time reached a tentative labor agreement with the labour union United Steelworkers of America (USWA) covering bankrupt Bethlehem Steel's workers. According to USWA's statement, the details will be announced after a ratification vote by Bethlehem's union members. Earlier, ISG was awarded Bethlehem's mills and related assets against its bid of $1.5 billion at closing. ISG expected to complete purchase of Bethlehem in the next few days. This acquisition is ISG's third since its foundation by the WL Ross & Co. LLC in February 2002.