ISG Completes Acquisition of LTV

The International Steel Group, Inc. has completed the acquisition of the principal steelmaking and finishing assets of The LTV Corp. Wilbur Ross, chairman of ISG, said, “We at WL Ross & Co. LLC, in partnership with leading members of the Cleveland business community and other investors, have invested $175 million of equity in this new company, and financial institutional lenders are providing a $200 million revolving line of credit for our working capital needs. This funding, along with critical funding commitments offered by the cities, states and counties in which our facilities operate and which will benefit from the return of over 2,000 well-paid jobs, will be sufficient for the startup of our plants and initiation of new capital investments.''