CLEVELAND, Oct 10, 2001 (AP Online via COMTEX) -- LTV Corp., operating under bankruptcy court protection from creditors, is selling the assets of its steel mining division for $25 million, the nation's third-largest steelmaker announced Wednesday.
Iron ore supplier Cleveland Cliffs Inc. and Minnesota Power each will pay $12.5 million for LTV Steel Mining Co. and assume environmental and other liabilities.
Cleveland Cliffs, based in Cleveland, will purchase the assets of LTV's iron mine, processing plant, 74-mile rail line and loading dock in Hoyt Lakes, Minn.
Minnesota Power plans to buy LTV Steel Mining's 225-megawatt electric power generating plant, transmission facilities and related assets.
The agreement requires U.S. Bankruptcy Court approval. LTV, also based in Cleveland, filed for Chapter 11 protection in December |
