Government acts on steel pension plans

MORGANTOWN, W.Va. (AP) -- The federal government is moving to take over the underfunded pension plan of bankrupt Weirton Steel Corp., according to an advertisement in today's editions of The Intelligencer.
The move would affect some 10,000 retirees and their dependents. The plant is across the Ohio River from Steubenville, Ohio.
The Pension Benefit Guaranty Corp. could not be reached to comment Monday night.
Spokesmen for the Independent Steelworkers Union and company said they hadn't been notified about the action but would contact the agency today.
The ad provides few details but indicates the federal pension agency will take control of Weirton Steel's plan, which would guarantee at least some payment for the company's pensioners.