WCI Steel files reorganization plan

Warren, Ohio-based WCI Steel, Inc. announced Aug. 16 that a Plan of Reorganization approved by the company's independent board of directors has been filed in the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division.

The reorganization plan, sponsored by WCI's ultimate parent, The Renco Group, Inc., is subject to approval by the bankruptcy court and a vote of creditors and other stakeholders.

"We are grateful to Renco for stepping forward with the financial resources necessary to submit a plan to the court that will allow WCI to emerge from Chapter 11 as a viable, independent company," said Edward R. Caine, WCI's vice chairman and chief restructuring officer. "We also appreciate the continued support of the United Steelworkers as we proceed through the reorganization process."

WCI, which produces custom and commodity flat-rolled steel and employees approximately 1,650, filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code on Sept. 16, 2003.