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* International Steel Group Inc., built by financier Wilbur Ross from the assets of steelmakers in bankruptcy protection, said profit dropped 42% its first quarter as a publicly traded company because of costs to integrate an acquisition. Fourth-quarter net income fell to $24.9 million, or 28 cents a share, from $43 million, or 62 cents, a year earlier. Sales surged to $1.4 billion from $498 million on the May purchase of Bethlehem Steel Corp.’s mills.
* General Media Inc., which owns Penthouse magazine, has scrapped a reorganization plan designed to help it shed debt and will instead ask a judge to approve an injection of capital from its parent, a company lawyer said.
* Tyson Foods Inc., the nation’s largest beef packer, has asked a federal judge to throw out a jury’s $1.28-billion verdict that the company illegally manipulated cattle prices.
* Enron Corp. will pay $75 million in cash to settle claims of investors who held bonds issued by Osprey Trust, an Enron affiliate.
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