Printer Friendly

PENNSYLVANIA ANNOUNCES $1 MILLION IN FINANCING FOR PURCHASE OF BETHLEHEM STEEL CORP. STEELTON TRACKWORKS OPERATION

 PENNSYLVANIA ANNOUNCES $1 MILLION IN FINANCING FOR PURCHASE
 OF BETHLEHEM STEEL CORP. STEELTON TRACKWORKS OPERATION
 HARRISBURG, Pa., Aug. 26 /PRNewswire/ -- The state Commerce Department announced today that $1 million in state financing will be provided to support the sale of Bethlehem Steel Corp.'s (NYSE: BS) Trackwork Fabrications Operation in Steelton to a Memphis-based firm, preserving approximately 300 jobs.
 The announcement comes two weeks after the commonwealth announced its intent to provide another million dollars in loan financing to support the sale of Bethlehem Steel Corp.'s wire mill operation in Johnstown to TMB Industries of Chicago.
 "Pennsylvania, through the Department of Commerce, intends to provide $1 million in low-interest financing to support Bethlehem Steel Corp.'s sale of its Steelton Trackwork Fabrication Operation to Conley Frog and Switch," Commerce Secretary Andrew T. Greenberg said.
 "In addition, we will continue to work with Bethlehem Steel Corp. in trying to find buyers for various assets that the company has for sale.
 "We remain committed to an effort that began almost a year ago to work with Bethlehem Steel and the United Steelworkers Union to keep these facilities open and save Pennsylvania jobs."
 Greenberg added that he was especially pleased that Bethlehem Steel Corp., in its negotiations with Conley Frog and Switch, allowed the order book to be reopened so the Steelton operation could bid on several key contracts.
 The trackwork facility manufactures railroad switching devices and other fabricated rail products.
 Greenberg said the plan is to provide state financing through the Pennsylvania Industrial Development Authority and the Machinery and Equipment Loan Fund.
 In January, as part of a company-wide restructuring, Bethlehem Steel Corp. announced plans to sell or close the trackwork operation in Steelton and the Bar, Rod and Wire Division in Johnstown.
 In April, the Commonwealth approved a more than $24,000 grant to the United Steelworkers of America and its Local Union 1688 to determine the feasibility of an employee purchase of the Steelton operation.
 The grant, awarded through the Department of Commerce's Employee Ownership Assistance Program, was matched by a grant from the United Steelworkers of America.
 /delval/
 -0- 8/26/92
 /CONTACT: Ron Jury, press secretary of the Department of Commerce, 717-783-1132/
 (BS) CO: Pennsylvania Department of Commerce; Bethlehem Steel Corp. ST: Pennsylvania IN: MNG SU:


MJ -- PH011 -- 3457 08/26/92 12:18 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 26, 1992
Words:388
Previous Article:ILLINOIS CENTRAL RAILROAD BUILDS INTERMODAL FACILITIES TO EXPAND SERVICES
Next Article:APACHE TALLIES TWO DISCOVERIES
Topics:


Related Articles
GOV. CASEY VOWS EVERY EFFORT TO SAVE BETHLEHEM JOBS
BETHLEHEM STEEL NEGOTIATING WITH MEMPHIS FIRM FOR SALE OF TRACKWORK FACILITY
BETHLEHEM STEEL ANNOUNCES AGREEMENT FOR SALE OF TRACKWORK FACILITIES
PENNSYLVANIA ANNOUNCES LOW-INTEREST FINANCING TO SUPPORT SALE OF PORTION OF BETHLEHEM STEEL'S JOHNSTOWN PLANT
VERITAS CAPITAL, INC. ANNOUNCES ACQUISITION OF ASSETS OF BAR, ROD AND WIRE BUSINESS FROM BETHLEHEM STEEL CORPORATION
BETHLEHEM STEEL ANNOUNCES AGREEMENT OF SALE WITH AFFILIATE OF VERITAS CAPITAL FOR SOME REMAINING OPERATIONS OF BETHLEHEM'S FORMER DIVISION
PA. GOV. CASEY ANNOUNCES SIGNING OF ACCORD ON BRW STEEL CORP. SALE
Lukens and Bethlehem Steel Amend Definitive Merger Agreement; Bethlehem Offer Increased to $30 Per Share for Lukens Common Stock
Bethlehem Steel Increases Offer for Lukens Inc.
Dura-Bond Pipe L.L.C.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters