National Intergroup will leave the steel business.
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According to the firm’s chairman, Howard M. Love, National Intergroup plans to sell the remaining half of its National Steel Corp. subsidiary by the end of the decade. The Pittsburgh-based company sold its Weirton Steel division to its West Virginia employees in 1983, the first in a series of moves that has taken the company away from heavy manufacturing and toward distribution businesses. Love recently told securities analysts that National Intergroup will try to sell its 50% stake in the steel company for at least 80% of its $309-million book value.
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