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LTV STEEL ASKS COURT TO APPOINT SALARIED RETIREE BENEFIT NEGOTIATING COMMITTEE

 LTV STEEL ASKS COURT TO APPOINT
 SALARIED RETIREE BENEFIT NEGOTIATING COMMITTEE
 DALLAS, June 22 /PRNewswire/ -- LTV Steel today asked the United States Bankruptcy Court to appoint a committee of salaried retirees for the purpose of negotiating modifications to current retiree insurance benefits. This procedure is required under the bankruptcy code.
 "The company has no intention of eliminating retiree benefits," said J. Peter Kelly, president of LTV Steel, "but we must find a way to provide benefits in a more cost effective manner."
 The committee will meet with the company to discuss proposed benefit modifications. If the committee and the company cannot agree on changes, the company can ask the court for permission to make changes unilaterally.
 LTV Steel's 1991 retiree insurance costs exceeded $110 million and the company said modifications are necessary for the company to reorganize and compete with other domestic and foreign steelmakers.
 "LTV Steel is being reorganized primarily to sustain the jobs, benefits and pensions of its people. Many people, companies and organizations have given up over $5 billion in claims so LTV Steel can have a second chance to survive and succeed," Kelly said.
 LTV Steel is a leading manufacturer of high-quality engineered flat rolled and tubular steel products for demanding applications. It is a wholly owned subsidiary of The LTV Corporation (NYSE: QLTV).
 -0- 6/22/92
 /CONTACT: Mark R. Tomasch of LTV Steel, 216-622-4635/
 (QLTV) CO: LTV Steel ST: Ohio IN: MNG SU:


LC -- CL012 -- 2376 06/22/92 11:53 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
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