Dallas-based LTV Corp. reported that special charges...

Dallas-based LTV Corp. reported that special charges of $2.1 billion, most of which are related under Chapter 11 of the U.S. Bankruptcy Code, and have been recorded in the company’s third-quarter results. The charges recognize developments during the Chapter 11 proceedings, which represent an initial step toward restructuring the company’s businesses and the development of a reorganization plan to bring LTV out of bankruptcy. Concurrently, LTV reported that third-quarter operating income increased, due to a $51.5-million earnings improvement in the company’s steel operations, partially offset by declines in aerospace/defense and energy products. The quarter’s results reflect operations outside of Chapter 11 for the period from July 1 through July 16 and operations under the protection of Chapter 11 for the balance of the quarter.