WCI Steel reveals bankruptcy reorganization plan

WCI Steel reveals bankruptcy reorganization plan

According to recent news in the market, US flat rolled steel producer WCI Steel announced that it has filed its reorganization plan to US Bankruptcy Court. The reorganization approved by the directors of WCI Steel is now subject to votes of the creditors and the approval of the court. Meanwhile, crucial point of the plan is that a tentative labor agreement has been reached with the union United Steelworkers of America (USWA) on April 10, 2004. As previously reported by SteelOrbis, WCI Steel filed for bankruptcy protection on September 16, 2003.