January 11, 1987
Directors of the ailing Wheeling-Pittsburgh Steel accepted the resignation of Chairman Allen E. Paulson but did not elect a successor. Van Nuys businessman Lloyd C. Lubensky, who bought a controlling 34% interest from Paulson on Dec. 31, had been considered a likely replacement.
October 8, 1985
Banks holding about $530 million in troubled loans to Wheeling-Pittsburgh Steel asked a bankruptcy judge to terminate pension plans for management employees and about 20,000 United Steelworkers. Terminating the plan would save the company about $57 million a year. U.S. Bankruptcy Judge Warren W. Bentz scheduled a hearing on the motion for Oct. 15.
July 15, 1985
Citing a strike threat by the United Steelworkers union, Wheeling-Pittsburgh Steel said it will suspend primary steel production at Steubenville, Ohio, to protect its furnaces from damage in a hurried, unplanned shutdown. The USW's chief negotiator for Wheeling-Pittsburgh's 8,200 production workers immediately called the announcement a bargaining ploy.
November 16, 1985
Wheeling-Pittsburgh Steel, crippled by a bitter strike during nearly all of the third quarter, on Friday reported a quarterly loss of $133.1 million. For the first nine months of the year, the company reported a loss of $208.9 million on revenue of $584.7 million. The nation's seventh-largest steelmaker, which filed for Chapter 11 bankruptcy reorganization April 16, was struck by the United Steelworkers from July 21 through Oct. 26.