Word: weirton
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...keep that from happening, Weirton's workers and management, along with a representative from the office of Governor Jay Rockefeller, formed a joint study committee. Last week the committee announced the details of a $366 million plan under which the workers would buy the plant through an employee stock ownership plan (ESOP...
...women who labor at National Steel's Weirton division in West Virginia produce some of the finest steel and tin plate in the world, about $1 billion worth annually. Even so, the plant lost $50 million in 1982. A year ago, when National announced it would stop investing capital in the plant, Weirton employees feared that management would drastically shrink the operation or shut it down altogether...
...rank and file is expected to ratify the plan in a vote to be held possibly May 1, making Weirton Steel the nation's eighth-largest steel producer and largest employee-owned company. The deal was worked out with the help of the management-consulting firm of McKinsey & Co., investment banker Lazard Frères & Co. and other consultants. Their fees will be paid partly by the townspeople of Weirton (pop. 28,000), who have joined in planning everything from sock hops to telethons to save the plant...
...employees, or technically their ESOP, will take over the Weirton operation for $66 million, plus $300 million mostly for inventories of coal, iron ore and unsold products. For their money, the workers are getting an old plant, built during the early part of the century by Steel Pioneer E.T. Weir, but one that has been modernized over the years; its cold rolling mill numbers among the industry's newest. The plan calls for all workers to own shares of the new company's stock, but details of how much each will get have not been worked out. None...
...described the Weirton buyout as "a kind of homespun socialism." Rather, the story appears to be about a heartening attempt at grass-roots capitalism that could be good...