WCI Steel submits plans for reorganization

WCI Steel submits plans for reorganization

Ohio-based WCI Steel Inc. announced it has filed a Plan of Reorganization with the US Bankruptcy Court. The plan, which was approved by the company’s independent board of directors, will still need to gain the favor of the bankruptcy court as well as the company’s creditors and stakeholders. The plan is being sponsored by WCI’s parent company, The Renco Group Inc. Edward R. Caine, WCI’s vice chairman and chief restructuring officer said, “We are grateful to Renco for stepping forward with the financial resources necessary to submit a plan to the court that will allow WCI to emerge from Chapter 11 as a viable, independent company. We also appreciate the continued support of the United Steelworkers as we proceed through the reorganization process." WCI is an integrated steelmaker producing more than 185 grades of custom and commodity flat-rolled steel at its Warren, Ohio facility. WCI's products are used by steel service centers, converters and the automotive and construction markets. The company has approximately 1,650 employees.