Wheeling Pittsburgh Steel

The strike against Wheeling-Pittsburgh Steel Corp. entered its second day Monday with no negotiations planned. Meanwhile, a bankruptcy judge tried to settle a dispute between the company's management and its two largest shareholders. The management dispute is over the conduct of Wheeling-Pittsburgh's Chapter 11 reorganization. "My attempts to play any meaningful role in Wheeling-Pittsburgh's affairs are regularly thwarted," said Allen E.

WHX, the parent of Wheeling-Pittsburgh Steel Corp., launched a hostile effort Wednesday to buy Teledyne Inc., following an undisclosed $1.2-billion acquisition proposal made last month that was rejected by Teledyne's board. New York-based WHX said it was filing under the federal Hart-Scott-Rodino Antitrust Act to buy up to 15% of Los Angeles-based Teledyne and has already acquired 975,000 Teledyne shares, or 1.8% of the outstanding common stock. Teledyne shares closed at $20.

Wheeling-Pittsburgh Steel said the charge reflects losses from its decision to stop making rails and to reject a variety of supply contracts. The company is operating under federal bankruptcy court protection.

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.

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.

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.

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.

In a new round of board room tremors at Wheeling-Pittsburgh Steel, the ailing concern said Thursday that its president and general counsel both resigned in a dispute over what the chairman implied might be unauthorized pay raises. Van Nuys businessman Lloyd C.

Competitors say Lloyd C. Lubensky never pays retail, but even they may be astonished by the price he got Dec. 31 on a 34.2% stake in ailing Wheeling-Pittsburgh Steel. Lubensky disclosed Monday that he paid $100,000 cash, according to records filed with the Securities and Exchange Commission. He bought the shares from a man who paid $50 million to accumulate them in 1983 and 1984.

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.

Wheeling-Pittsburgh Steel said the charge reflects losses from its decision to stop making rails and to reject a variety of supply contracts. The company is operating under federal bankruptcy court protection.

I am writing this letter, prompted by a deepening fear for the basic well-being of our country. I make no claims to be an acute economic observer nor to be fully informed on the political scene. However, as an employee of a company that uses large amounts of steel, I am in a position that allows me to gauge the impact of having to depend on foreign steel because our own basic steel industry is being forced, step by step, out of business. Many people will argue that we must allow free trade-- but, is it really free?

In a new round of board room tremors at Wheeling-Pittsburgh Steel, the ailing concern said Thursday that its president and general counsel both resigned in a dispute over what the chairman implied might be unauthorized pay raises. Van Nuys businessman Lloyd C.

By last September, a situation that had been difficult turned desperate. Staggered by three years of losses, Wheeling-Pittsburgh Steel was in bankruptcy reorganization. Its creditors were in an uproar, and its workers, on strike since mid-July, were burning effigies of Dennis J. Carney, the proud and combative chairman of the seventh-largest U.S. steelmaker. Liquidation would have been next, but for a surprise maneuver by the company's largest shareholder. On the morning of Sept. 18, Allen E.

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.