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LTV Corp Seeks Bankruptcy Protection in Steel Slowdown
LTV Corp. filed for Chapter 11 in Cleveland as bankers backed a stopgap cash infusion from Chase Manhattan to avert closures. Chair Bricker said operations would continue while a formal arrangement is worked out, with 18,000 employees at stake and a prior plan to cut 26 percent of jobs. The move comes as steel prices hit 20 year lows amid imports and weak demand, with court filings in Youngstown and scrutiny from the USS ITC over injurious imports from multiple countries.
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