LTV Sells Bar Division: LTV Steel said...

LTV Sells Bar Division: LTV Steel said its parent company, LTV Corp., has agreed to sell its bar division as part of an employee stock ownership plan. The presidents of United Steelworkers union locals in the steel division last week voted 5-3 for the plan. About 4,700 salaried, hourly or senior management employees in the bar division initially will work for the new company, which is expected to produce about 1.2 million tons of steel annually. Details of the stock ownership plan, including its total value, were not revealed. The division makes continuously cast and ingot-poured billets for hot rolling mills in Canton and Massillon, Ohio, and in Chicago.