LTV Corp. split up its steel division.

Chairman Raymond A. Hay told shareholders at the firm's annual meeting that under the new plan, LTV will fashion three separate companies out of Cleveland-based LTV Steel, each having its own management and marketing staffs and each expected to cut costs and increase efficiency. He said the move was prompted by staggering losses caused by a surge in imports. He also said the Aliquippa, Pa., steel mill will be shut down, resulting in 1,300 layoffs.

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