WHEELING, W.VA. Steel company files plan of reorganization

Company officials expect the plan to be approved next year.
WHEELING, W.Va. (AP) -- Wheeling-Pittsburgh Steel Corp. has filed its plan of reorganization, the first step in the company's plan to emerge from Chapter 11 bankruptcy.
Wheeling-Pitt filed its reorganization plan in U.S. Bankruptcy Court in Morgantown.
The company's creditors must approve the plan first. Company officials expect approval for the reorganization plan by the end of the first quarter in 2003.
The plan is also contingent upon approval of the company's $250 million loan guarantee application by the Emergency Steel Loan Guarantee Board. Royal Bank of Canada filed that application in September.
Wheeling-Pitt spokesman James Kosowski did not return telephone messages.
The company did not provide full details of the reorganization plan.
The company entered into Chapter 11 bankruptcy Nov. 16, 2000.
Profit reported
In November, Wheeling-Pitt reported a net income of $7.1 million for the third quarter of this year, the first profit the company has reported in two years. Net sales in the third quarter increased 23.9 percent to $277.9 million, compared to $224.3 million in the third quarter of 2001, when the company posted a $41.2 million loss.
Wheeling-Pitt, based in Wheeling, is the nation's eighth-largest steel producer in the nation. Its work force of 4,500 includes about 3,200 Ohioans at steel mills in Steubenville, Martin's Ferry, Mingo Junction and Yorkville; Wheeling Corrugating Co. in Warren; and Ohio Coatings Co. in Belmont County.