LTV agreed to sell its specialty steel operations.

The Dallas-based company said that it has signed a letter agreement to sell the assets of its wholly owned subsidiary, LTV Steel Specialty Products Co. The operation will be acquired by a private investor group including members of the subsidiary’s senior management and institutional investors. Closing is expected to take place in April. The value of the transaction was not disclosed. Under the agreement, the investor group and current management will own an 80% interest in a new corporation that will acquire the assets and operate the business. LTV will purchase a 20% interest in the new corporation.