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Weirton Steel Corp. said it would go...

Weirton Steel Corp. said it would go public to raise money for a $600-million modernization project under a plan allowing workers at the nation’s largest employee-owned company to retain a majority stake. The West Virginia company said it will apply for a listing on the New York Stock Exchange when it goes public later this year, pending approval of the plan by employees. The agreement between the company’s management and the Independent Steelworkers Union would reduce the 8,000 employees’ profit sharing from 50% to 35% of the company’s after-tax income. The company’s pension plan would not change.


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