ISG is New Name for LTV

The New York-based company that purchased the assets of LTV Corp., Cleveland, is renaming the firm International Steel Group Inc. (ISG), according to an AP report.

The name change has been approved by the bankruptcy court that is overseeing the purchase of LTV Corp. assets by W.L. Ross & Co.

The AP report also notes that the new company’s officers expect to resume operations “on a limited basis” at LTV plants in Cleveland, East Chicago, Ind., Hennepin, Ill., and Warren, Ohio, within the next two months.

Additionally, Rodney Mott has been tabbed as CEO and president of the revived company. Mott has formerly served as CEO of aluminum maker Pechiney Rolled Products and as a vice president with steelmaker Nucor Corp., Charlotte, N.C.

According to an AP interview with Mott, the former LTV facilities will resume operations “in a gradual, disciplined manner.” He also notes that ISG management will be largely decentralized, with each facility responsible for its own purchasing, accounting and customer service functions.

The decentralization could go so far as each plant operating under its own name, according to Mott.

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Human resources requirements at each plant will not likely be revealed until after the W.L. Ross purchase of LTV Corp.’s assets is complete, which is scheduled for mid-April.