Macy's to alter reorganizationR. H. Macy & Co. said...

BUSINESS DIGEST

April 20, 1994

Macy's to alter reorganization

R. H. Macy & Co. said yesterday that it would submit a revised plan of reorganization April 29 as scheduled after dissident board members on Monday threatened to step in with a bid of their own for the bankrupt retailer.

A minority of the Macy board, led by Laurence A. Tisch, said it was prepared to act if a reorganization plan valued the company below what they believed it was worth.

In reaction, Macy's chairman and chief executive, Myron E. Ullman III, said the majority of the board continued to endorse the principles of a Macy's plan presented in March.

Steel imports increase

U.S. steel imports in February more than doubled from a year ago as U.S. steel mills bought semifinished foreign steel to fill a crush of domestic orders, an industry group said yesterday.

February imports rose to 2.18 million tons from 837,649 tons in the year ago-month, the American Institute for International Steel reported. Steel imports in the first two months of 1994 increased 85 percent from a year earlier to 4.4 million tons.

Many domestic steel companies are expected to return to profitability in 1994. Companies expected to post first-quarter profits include USX-U.S. Steel and Bethlehem Steel Corp.

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