P.M. BRIEFING : French Giant Bids for LTV Steel
A French steelmaker has expressed an interest in buying a minority stake in LTV Corp.’s steel unit, LTV announced today.
LTV said that the offer from Usinor Sacilor of France, Europe’s largest steelmaker, was unsolicited and that no negotiations have been held or are scheduled.
LTV is in Chapter 11 bankruptcy reorganization.
“We will explore at the proper time and under the proper circumstances a business relationship between LTV Steel and Usinor Sacilor,” said Raymond A. Hay, LTV chairman and chief executive officer. “This is a normal and appropriate endeavor for a company going through the Chapter 11 reorganization process.”
Usinor Sacilor is the second-largest steelmaker in the world, operating three facilities in France and two in West Germany.
LTV Steel is the third-largest domestic steelmaker and the largest producer of flat rolled steel products for the automotive industry. The company filed for reorganization in 1986, citing heavy losses in the steelmaking division.
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