Weirton Steel to cut jobs under bankruptcy exit process

Weirton Steel to cut jobs under bankruptcy exit process

It is reported that one of the largest US integrated steel producer Weirton Steel aims to cut 950 jobs shortly, in case they receive approval at the hearing to take place next week on October 21. It is seen as a must in order to achieve in emerging bankruptcy by the end of 2003, as well as reducing costs. According to reports Weirton will effect this decision in any case, such as operating as a smaller but independent steel producer or being sold to a strategic or financial investor as previously reported on its reorganization plan submitted last week. Besides, job cuts are expected to start with non union workers. With the finalization of talks held with the Independent Steelworkers Union (ISU) the date when union job cuts are going to start will be set.