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LTV EMERGES FROM CHAPTER 11; NYSE APPROVES TRADING OF NEW SHARES

 CLEVELAND, June 28 /PRNewswire/ -- The LTV Corporation (NYSE: QLTV) today emerged from Chapter 11 reorganization. LTV's Plan of Reorganization was confirmed on May 27, enabling the company to successfully conclude a reorganization process that began on July 17, 1986. The company also announced that the New York Stock Exchange had approved trading of LTV's new common shares and Series A warrants on a "when issued" basis, starting June 29, 1993.
 "Today marks the birth of the new LTV -- the new strength in steel," said David H. Hoag, LTV chairman and chief executive officer.
 "Thanks to the hard work and diligence of our employees, past and present, LTV has a second chance to succeed," Hoag said. "We now have a competitive operational and financial structure which will support our efforts to succeed in the marketplace and to create long-term value for our shareholders," he said.
 The principal operating units of the new LTV Corporation are LTV Steel and LTV Energy Products, which have combined sales of approximately $4 billion. LTV's aerospace and defense businesses were sold in 1992.
 LTV Steel is the nation's largest supplier of high-quality flat rolled steel to the domestic automotive, appliance and electrical equipment markets. LTV Energy Products Company manufactures and distributes heavy equipment, components and supplies for the oil and gas industry. LTV employs 18,000 persons.
 LTV's reorganization settled more than $6 billion of creditor claims and $3 billion of pension liabilities.
 The majority of LTV's pre-Chapter 11 debt obligations are being settled by issuance of stock in the reorganized company. Unfunded defined benefit pension liabilities will be settled under an agreement with the Pension Benefit Guaranty Corporation. The agreement provides LTV with a flexible, 28-year amortization schedule, following an initial contribution to the plans of cash and other assets. Pensions for current employees will be provided by defined contribution pension plans which are fully funded each month.
 LTV's only long-term obligations, excluding pension and health care costs, are two zero-coupon notes to the PBGC and $100 million of secured debt payable to Sumitomo Metal Industries, Ltd. Sumitomo also invested another $100 million in new preferred stock in the reorganized LTV. Both the secured debt and the new preferred stock are convertible into shares of the new LTV common stock. The record date for distribution of recoveries and exchange of securities of The LTV Corporation is June 28, 1993.
 "Chapter 11 has given LTV a fresh start and positioned us as a global competitor," said Hoag. "Our future success and prosperity will be achieved by management and employees continuing to adhere to the values that served us during Chapter 11, which are: satisfying the needs of the customer; continuously improving quality and service; and relentlessly reducing costs and increasing productivity.
 "We believe the restructuring of our long-term obligations, together with the modernization of our steel operations, will help us to provide a substantial value to the equity of the new LTV," Hoag said.
 -0- 6/28/93
 /CONTACT: Mark Tomasch of The LTV Corporation, 216-622-4635/
 (QLTV)


CO: The LTV Corporation ST: Ohio IN: MNG SU: RCN BCY

AR -- CL016 -- 6247 06/28/93 12:33 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
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