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GOV. ROBERT P. CASEY EARMARKS STATE FUNDS TO STUDY POSSIBLE EMPLOYEE-OWNERSHIP OF BETHLEHEM STEEL'S JOHNSTOWN PLANT

 GOV. ROBERT P. CASEY EARMARKS STATE FUNDS TO STUDY POSSIBLE
 EMPLOYEE-OWNERSHIP OF BETHLEHEM STEEL'S JOHNSTOWN PLANT
 HARRISBURG, Pa., May 21 /PRNewswire/ -- Gov. Robert P. Casey today announced a $100,000 state grant to help the United Steelworkers of America conduct a feasibility study for an employee buyout of Bethlehem Steel Corp.'s Bar, Rod and Wire Division facilities in Johnstown.
 State funds will be awarded through the Department of Commerce's Employee Ownership Assistance Program. The study will enable the union to assess the market potential, restructuring options and capital investment required for the plant to be competitive.
 In January, Bethlehem Steel announced it would try to sell its Bar, Rod and Wire Division, which also includes plants in Lackawanna, N.Y., and Sparrows Point, Md. The company announced last week that it was unable to find a buyer for the entire division and would now seek to sell the plants individually.
 "My administration remains committed to using any and all resources at our disposal to find a buyer and preserve the jobs in Johnstown," Casey said. "I want to emphasize that this study does not preclude discussions with any other potential buyers. The bottom line here is to find a way to keep the plant and its jobs going."
 The Johnstown operation currently employs 1,950 workers.
 The state's Employee Ownership Assistance Program is used to examine possible employee purchase of new, expanding or troubled businesses interested in sharing ownership with employees.
 /delval/
 -0- 5/21/92
 /CONTACT: Ron Jury of the Department of Commerce, 717-783-1132, or Charles M. Tocci, 717-783-1116/ CO: Pennsylvania Department of Commerce ST: Pennsylvania IN: SU:


CC -- PH050 -- 3059 05/21/92 16:50 EDT
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Publication:PR Newswire
Date:May 21, 1992
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