International Steel Group won bankruptcy-court approval to buy the assets of Bethlehem Steel Corp.
The deal calls for International Steel to pay $952 million in cash and assume $700 million of Bethlehem's secured debt. About $800 million in cash will be paid out at the closing of the sale, expected for the end of the month.
In the meantime, Judge Burton Lifland in the U.S. Bankruptcy Court in Manhattan also signed off on a settlement reached between Bethlehem and the United Steelworkers of America. Under the pact, the steelworkers' union agrees to release any claims it may have against Bethlehem in order to facilitate the sale to International Steel.