LTV <QLTV> TO MAKE ONE-TIME BENEFIT PAYMENTS
LTV Corp said it will seek approval from
the U.S. bankruptcy court to make one-time hardship payments to
retired steelworkers who lost some pension benefits when their
retirement plans were terminated.
    The payments would range from 100 dlrs to 750 dlrs per
person for more than 9,800 steel company salaried and hourly
retirees, LTV said.
    The company's steel unit retirement plans were terminated
in January by the federal Pension Benefit Guaranty Corp, which
said the plans were insolvent.
    LTV filed Chapter 11 bankruptcy last July 17.
    Under Chapter 11, a company is protected from creditors
while it works out a plan to pay debts.
    While most regular pension payments were continued after
LTV Steel Co's pension plans were terminated, some retirees got
a reduction in their supplemental early retirement benefits or
other payments that were more than maximums guaranteed by the
federal agency.
    LTV also began talks with the United Steelworkers union,
and both sides have made a commitment to reach a new labor
agreement by May 1, the steel, aerospace and energy concern
said.
    LTV has the right to renegotiate its labor contracts while
operating in Chapter 11. At issue are pension and health
benefits for active and retired employees and other items, such
as use of manpower and equipment.
    The company plans to present a comprehensive proposal to
the U.S. bankruptcy court in May to deal with pensions and
health care benefits for steel and energy retirees and health
care benefits for aerospace retirees, it said.
    All LTV retirees are currently receiving health and life
insurance payments mandated by federal laws passed in October
that have been extended until May 15.
 Reuter
