Word: weirton
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...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...
...debt burden may be less onerous than it sounds. Under the laws covering the formation of companies owned by employees, payments of principal on debt (as well as interest) are deductible from income for tax purposes. Even so, the purchase is far from a free lunch for the Weirton workers. McKinsey's analysis of the Weirton operation concluded that the plant could be profitable, but only if the workers would accept a 32% cut in total compensation; annual salaries and benefits average $35,000 to $40,000, high by comparison with the rest of the steel industry. Says...