W. Virginia negotiates with ISG for Weirton assets

MORGANTOWN, W.Va. (AP) -- The West Virginia Development Office has been discussing the possible sale of bankrupt Weirton Steel Corp. with International Steel Group for months, and the Ohio company has indicated it might give the state large chunks of land for economic development if it buys the mill.
"They said that at one of our meetings," David Satterfield, executive director of the Development Office, said Thursday. "I have made that request, and it goes very well with their corporate goals."
Although it has not made an offer for Weirton, ISG officials have toured the property several times and acknowledged they are analyzing the feasibility of a purchase. Weirton's Independent Steelworkers Union, meanwhile, has been holding almost daily discussions with ISG about a buyout.
ISG spokesman Brian Kurtz did not immediately respond to telephone messages Thursday. Union officials declined comment.
Earlier this week, Satterfield and gambling industry executive Ted Arneault -- a member of Weirton's board of directors -- suggested the Northern Panhandle steelmaker give the state unused land to reduce or eliminate an estimated $80 million workers' compensation liability that may be hindering a sale.
Though its properties along the Ohio River may be contaminated with industrial waste, they might be good sites for either a coke plant or a power generation station, the pair said.
Satterfield said Thursday a similar plan has been discussed with ISG.