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Bankrupt Wheeling-Pittsburgh Steel Weighs Options without Loan Guarantees.
Knight Ridder/Tribune Business News, March, 2003
By Len Boselovic, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Mar. 4--The federal government's rejection of a $250 million loan guarantee for bankrupt Wheeling-Pittsburgh Steel is raising all-too-familiar cries of anger and anguish in distressed Ohio Valley steel towns.
The Wheeling, W.Va.-based steelmakers' plan to resuscitate itself hinged on approval by the Emergency Steel Loan Guarantee Board -- the government panel created in late 1999 to assist steel companies hurt by a barrage of cheap steel imports that sent the financially fragile industry reeling.
Late Friday, the board -- composed of Federal Reserve Board Chairman Alan Greenspan, Securities and Exchange Commission Chairman William H. Donaldson and Secretary...
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