BULLETIN
BULLETIN
WCI Steel seeksbankruptcy protection
WARREN -- WCI Steel today filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code, with company president Edward Caine promising to continue working to restructure its debts.
The company, which employs about 1,800 hourly and salaried workers, will continue operating, Caine said.
"We intend to fulfill our commitments to our employees, retirees and customers without interruption while we reorganize under court protection," he said.
WCI, the only Mahoning Valley company still producing steel from raw materials, has been losing money since late in 2000. Officials announced a restructuring plan in May.