LTV Announces 1,300 Layoffs

LTV Corp., whose floundering steel division has recently amassed huge losses, announced today a major restructuring of its LTV Steel Corp. that will include 1,300 layoffs through the closing of main operations at one plant.

The reorganization will include the closing of most of LTV’s giant Aliquippa, Pa., steelworks and should improve cash flow by $700 million through the next two years, LTV Chairman Raymond A. Hay said.