LTV Considers Filing for Chapter 11

LTV Corp., the nation’s No. 3 steelmaker, said its board was meeting to consider whether the company should file for Chapter 11 bankruptcy protection by today. The company, which has had eight consecutive quarterly losses, said it will exhaust its cash without additional financing. Meanwhile, U.S. regulators ruled that low-priced steel imports from China, Argentina, Ukraine and eight other countries are harming U.S. producers, clearing the way for a new round of tariffs against foreign steelmakers. The U.S. International Trade Commission, an autonomous agency that measures the impact of imports on U.S. industry, ruled against imports of hot-rolled steel, an unfinished metal used in everything from automobiles to appliances. The ITC unanimously agreed with a complaint by U.S. steelmakers, who are struggling with mounting losses they blame on a resurgence of imports that first drove down prices in 1998. The Commerce Department will decide on tariff levels and send the case back to the ITC for a final ruling. LTV shares closed unchanged at 34 cents on the New York Stock Exchange.