Northwestern Steel & Wire Rtgs Still on S&PWatch, Neg.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 7/18/97-- Standard & Poor's ratings on Northwestern Steel & Wire Co. remain on CreditWatch with negative implications (see list below), where they were placed on April 23, 1997, reflecting the company's continued poor operating results and the prospect of increased competition from more efficient and better capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. producers. Last month, the company ceased operations at its Houston rolling mill rolling mill: see steel. , and now has decided to permanently shutter (1) An opaque window that is moved in one direction to let light in and in another to close off the light. In fixed-lens cameras, one shutter often suffices for aperture and speed. the mill in light of increasingly difficult industry fundamentals. As a result, the company is expected to incur a $95 million-$105 million charge in the quarter ending July 31, 1997. Standard & Poor's will continue to monitor the financial implications of the Houston shuttering, as well as management's ongoing efforts to amend the covenants in its bank credit agreement to more appropriately reflect its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets going forward. Additionally, Standard & Poor's will assess the potential impact of production capacity expansion projects recently proposed by competitors. -- CreditWire -0- RATINGS REMAINING ON CREDITWATCH, NEGATIVE Northwestern Steel & Wire Co. Corporate credit rating B- Senior unsecured B- CONTACT: Ronald A Johnson, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 212/208-5201 |
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