Unsecured creditors of Sharon Steel Corp. say...

Unsecured creditors of Sharon Steel Corp. say workers at the company’s lone plant must make major contract concessions if financier Victor Posner’s company is to survive reorganization in bankruptcy court. “The company isn’t doing nearly as well as some people think it is,” said Herb Minkel, co-counsel for the committee of unsecured creditors. “If the company doesn’t get relief, I think you can kiss Sharon Steel goodby.” The creditors are willing to accept stock as payment for some of the $560 million the Farrell, Pa.-based firm owes them, he said.