Region news digest: National City mulls selling to KeyCorp

REGION

Report: National City mulls selling to KeyCorp.

CLEVELAND — A day after National City Corp. said it was considering strategic options a report said the struggling bank, hurt by the worsening mortgage and housing market, could sell itself to another Cleveland-based bank.

The Wall Street Journal, citing sources familiar with the matter, reported Wednesday that National City is considering an outright sale to KeyCorp. Analysts said a KeyCorp buyout might lead to large cost reductions.

Steelworkers urge Wheeling-Pitt buyout

MORGANTOWN, W.Va. — The United Steelworkers union, angered by Esmark Inc.’s plan to lay off workers at Wheeling-Pittsburgh Steel Corp., said Wednesday it is in talks with Severstal North America Inc. and others, urging them to pursue a buyout of the company.

Wheeling-Pitt staggered through two bankruptcies and a string of financial losses before Esmark seized control during a proxy fight in 2006 and completed the buyout last year. The company has hinted at layoffs and this week announced shutdowns in Ohio and Pennsylvania — which has cemented opposition among the union.

Associated Press