Reply #82: Yep. [View All]

[Dr.Phool]

A year earlier they had $800 million in cash. The CEO left with his $60k per month pension, they hired another guy who stuck a billion dollars in a dry hole in Alaska, bankrupting Diamond Shamrock. He collected $1million+ to take the heat when they ran LTV Steal into the ground.

wilbur Ross, rode to the rescue, with no legacy costs, turned a profit for 2 quarters and sold it to Mittal.

Right now, they've shut down all iron production in Cleveland, and who knows what the hell is going to happen. I used to be on the Railroad Division's union bargaining team. And from what I can see now, they've got a completely untenable contract as far as covering lay-offs and seniority. I can't even figure out how they're going to make this work.

Glad I'm outa there.