LTV Chairman Resigns in Midst of Bankruptcy
Associated Press
The chairman of beleaguered LTV Corp. resigned as the company’s steel operations struggle to survive.
“I hope this action will enable the company to move forward in its effort to find an appropriate buyer,” said William H. Bricker, chief executive of Cleveland-based LTV.
Union officials and some community leaders had sought the ouster as the company prepares for a Bankruptcy Court hearing Tuesday on its future.
The news came after LTV agreed to continue producing steel until next week’s hearing. The company announced Wednesday that it plans to stop making steel by Tuesday.
