Weirton Steel receives loan to exit from bankruptcy protection

Weirton Steel receives loan to exit from bankruptcy protection

According to recent market sources, Weirton Steel has recently announced that it has received a loan of $145 million conditionally through Emergency Steel Loan Guarantee Program, which will enable the company to exit from Chapter 11 bankruptcy protection. After the evaluation of the loan conditions are made by the officials of Weirton Steel, the loan processes will be completed. Weirton Steel applied for a loan of $175 million, some amount of which would be used to finance a new polymer coating facility. However, the loan board rejected this project and declined the amount to $145 million.