LTV Corp. has decided to reorganize Copperweld as a stand-alone company. The company and its creditors are developing a separate plan of reorganization by which Copperweld would emerge from bankruptcy at the earliest opportunity. LTV said that the restructuring effort would focus on preparing Copperweld to achieve long-term success as an independent business.
Copperweld is the largest producer of welded steel tubing in North America and the largest manufacturer of bimetallic wire products in the world. It operates 17 facilities in the US, Canada and Great Britain.
Copperweld has debtor-in-possession financing (separate from that of The LTV Corporation and LTV Tubular Products Company) through GE Commercial Finance.
LTV also announced that it has agreed to sell the assets of its LTV Tubular Products business to Maverick Tube Corp. LTV Tubular has headquarters and operations in Youngstown, Ohio, and also operates plants in Elyria, Ohio; Ferndale, Mich.; Counce, Tenn.; and Cedar Springs, Ga.
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