WEIRTON, W.VA. Residents have mixed feelings on buyout deal

Most Weirton residents are unsure what to think of a steel mill deal.
WEIRTON, W.Va. (AP) -- For one day, students and teachers at Madonna High School agreed it was more important to ponder a real-world lesson in economics than do their regular algebra.
In a town where nearly everyone knows or is related to a steel worker, each class began Wednesday with discussion of a $225 million buyout offer for bankrupt Weirton Steel -- a deal that positions 2-year-old International Steel Group of Cleveland to become the nation's largest integrated steelmaker.
"It was on everyone's mind anyway, so the teachers decided we should just talk about it," said Megan Gasaway, a 17-year-old senior.
"Some people were quiet, the ones whose whole families work there," she said. "People don't really know what to think, if it's going to be good or not. Everybody's just saying, 'Let's wait and see."' The grown-ups feel much the same.
No celebrations
Jeff Miller drove to his union hall before dawn, hoping to share in a celebration. For the laid-off, 27-year employee, a buyout offer from International Steel Group Inc. meant one thing: He might be back at work soon.
"I'm ecstatic," said Miller. "It means the mill is going to continue to be here. It's not going to shut down."
But there was no party at the headquarters of the Independent Steelworkers Union. Most men arriving for work nodded, swapped a few words about the long-anticipated deal and moved on.
At lunch and shop counters, the mood was subdued. Workers accustomed to layoffs braced for even more. Some were skeptical, anxious to hear more about ISG's intentions.
Denise Brown, a 27-year veteran, was disappointed to think that Weirton -- once the nation's largest employee-owned company -- may become no more than a cog in a corporate machine.
"It's sad if you started out at a young age working there and always believed it would be there," Brown said. "Maybe it will be better. But you don't know till you actually see the details."
Financial woes
Weirton Steel, the nation's fifth-largest integrated producer and No. 2 producer of tin, sought bankruptcy protection in May 2003 after losing money for five years. Union President Mark Glyptis predicted workers will "welcome ISG with both arms" and praised the company for its treatment of displaced workers and its good wages.
"Without question, I view this as a godsend," he said.
ISG's offer, which must withstand the scrutiny of a federal bankruptcy judge and potential counteroffers, does involve some pain.
As many as 1,100 union and nonunion jobs may be permanently eliminated, leaving Weirton with a work force of slightly more than 2,000.
The numbers will depend on whether ISG runs one or both of Weirton's blast furnaces.