Bayou Steel plans to exit from bankruptcy protection

Bayou Steel plans to exit from bankruptcy protection

The US steelmaker Bayou Steel Corp. located in LaPlace, Louisiana announced that it considers to submit a reorganization plan in order to exit from bankruptcy protection in February 2004. The reorganization plan will cover the restructure of its operations and a revised debt structure. The company filed for bankruptcy protection in January this year. More than thirty steel companies since 1997 have filed for bankruptcy protection in USA due to high pension costs, economic downturn and hard foreign competition.