Weirton Steel to apply for a $175 million loan

Weirton Steel to apply for a $175 million loan

US integrated steel producer Weirton Steel reported that they will submit their application on June 30, 2003 for a $175 million loan through the loan guarantee program which assures financial institutions that government will pay back 85% to 95% of the loan in case the company does not succeed in its repayment terms. According to the company official's announcement, if the application gets approval the loan will be used in the maintenance of mill equipments, reducing its debt and emerging from bankruptcy which the company filed for on May 19.