Bethlehem Steel Calls ISG Contract Model for Labor Agreements.Business Editors BETHLEHEM, Pa.--(BUSINESS WIRE)--Dec. 23, 2002 The following statement is attributable to Robert S. Miller Robert S. (Steve) Miller; Was hired as Delphi chairman by General Motors and Delphi Corp. to file bankruptcy. Miller was hired to slash costs and close unprofitable operations. Miller - a restructuring expert who was hired in July 2005 filed Saturday, October 8 2005. , chairman and chief executive officer, Bethlehem Steel Corporation, on the agreement between the United Steelworkers of America (USWA USWA United Steelworkers of America USWA United States Wrestling Association USWA United States Windsurfing Association USWA United States Wristwrestling Association ) and the International Steel Group (ISG ISG Iraq Study Group ISG Iraq Survey Group ISG International Steel Group ISG Integrated Security Gateway ISG Information Systems Group ISG Information Systems Group (IBM) ISG Integrated Starter/Generator ): "The new agreement between the USWA and ISG is certainly good news for those parties. The new agreement appears to improve ISG's cost structure and productivity, thereby increasing its competitiveness. I believe the agreement will be viewed as a model for future labor contracts at some domestic steel companies, including at Bethlehem. "Bethlehem is still actively pursuing the mutual due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. with ISG to determine if a combination of the two companies is in the best interests of all of our constituents, including our customers, employees and retirees. This new labor agreement with ISG should help advance Bethlehem's discussions with the union as a necessary component to either a combination with ISG or as a viable, stand-alone company stand-alone company An independent operating firm. For example, a large diversified firm may consider spinning off a subsidiary because, as a stand-alone company, the subsidiary would command a higher price-earnings ratio than the parent. . "The abrupt termination last week of Bethlehem's pension plan by the Pension Benefit Guaranty Corporation Pension Benefit Guaranty Corporation (PBGC) A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation). Pension Benefit Guaranty Corporation will change the path Bethlehem takes to complete its labor contract, but it will not be the sole determining factor deciding Bethlehem's ability to consolidate with either ISG or another company. Bethlehem continues its discussions with ISG and looks forward to reaching a similar contract in the near future with the USWA." |
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