OTHER NEWS - Dec. 1, 1992
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From Times Staff and Wire Reports
Sharon Steel Seeks Bankruptcy Protection: The cash-strapped Pennsylvania firm, which laid off almost all of its 2,700 workers this year, filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court. The filing marked the second time Sharon Steel has asked for bankruptcy protection. It had filed for Chapter 11 in 1987 and was sold to Castle Harlan Inc., an investment banking firm, in 1990. Earlier this year, company officials said low steel prices and a sluggish economy were causing Sharon Steel to lose about $3 million a month.
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