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By Sean Somerville and Sean Somerville,SUN STAFF | March 6, 1997
WHX Corp., the sole company negotiating to buy BethShip Inc., is seeking deep concessions from shipyard workers, union leaders told their members last night.At a raucous meeting crowded with hundreds of yard workers, union leaders said WHX wants cuts in wages, pension benefits, vacations and other areas worth almost $8 an hour."I think it's sad that they insult us with this kind of proposal," said Gary Sullivan, an electrician. "It's a dangerous, dirty, nasty place to work, and we busted our humps over the last 15 years to make it a success."
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BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | December 31, 1999
No. 3 steelmaker Bethlehem Steel Corp. boosted the potency yesterday of its "poison pill," a shareholder-rights plan that helps guard against hostile takeovers by making it prohibitively expensive for an unwanted suitor to amass a big stake in the company.The change comes a week after WHX Corp., the parent of Wheeling-Pittsburgh Steel Corp., disclosed that it held 1.6 percent of Bethlehem's stock and filed documents with securities regulators signaling its intent to pursue a takeover or merger.
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BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | August 6, 1997
A New York-based merchant banking fund that was among the initial bidders for Bethlehem Steel Corp.'s Sparrows Point shipyard yesterday said that it wants to take another look.Veritas Capital Inc. joins WHX Corp. as a potential buyer in the wake of Bethlehem's termination of negotiations with Peter G. Angelos last week."We're going down there later in the week to revisit the subject," said Tom Campbell, a co-founder of Veritas Capital.Meanwhile, Murphy Thornton, president of the union that represents most of the yard's 900 workers, said WHX director Paul Bucha was in Baltimore to meet with shipyard officials in an attempt to revive WHX's deal.
BUSINESS
By BLOOMBERG NEWS | December 21, 1999
NEW YORK -- WHX Corp., the steelmaker run by financier Ronald LaBow, said yesterday that it bought 1.6 percent of No. 3 U.S. steelmaker Bethlehem Steel Corp. and that it wants to discuss the investment with Bethlehem's management, a signal that LaBow may have larger plans for the investment.Adam Miller, a spokesman for WHX, wouldn't say whether the No. 9 U.S. steelmaker plans to buy more -- or all -- of Bethlehem Steel after acquiring about 2 million shares.WHX's market value of $116.93 million is about one-tenth that of Bethlehem's $1.06 billion.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | March 13, 1997
Responding to a breakdown in talks between workers at its BethShip shipyard and a prospective buyer, Bethlehem Steel Corp. said yesterday it will close the Sparrows Point operation unless it is sold promptly.In a brief statement, Bethlehem said it was issuing a federally required notice of a "planned permanent shutdown" because of the collapse Tuesday in negotiations between WHX Corp., the sole company negotiating to buy the yard, and the International Union of Marine and Shipbuilding Workers of America.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | March 1, 1997
Officials of WHX Corp. and the union that represents most of BethShip Inc.'s workers have met for the first time to discuss the New York-based company's interest in buying the Sparrows Point yard, union officials said yesterday."
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | August 5, 1997
WHX Corp., the New York-based company that tried to buy Bethlehem Steel Corp.'s Sparrows Point shipyard earlier this year, yesterday said it wants another chance if the sale to Peter G. Angelos is truly dead."
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | February 7, 1997
The pool of potential buyers of Bethlehem Steel Corp.'s Sparrows Point shipyard has been narrowed to two, and the yard's new owner could be named as early as today, several sources said yesterday.The Bethlehem, Pa., steel giant is considering offers from the Baltimore Orioles' chief executive, Peter G. Angelos, and WHX Corp., the New York holding company for Wheeling-Pittsburgh Steel Corp.Bethlehem wouldn't comment. Both WHX and Angelos' group declined to discuss the specifics of their offers.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | March 18, 1997
The Sparrows Point shipyard workers' union yesterday filed charges of unfair labor practices against Bethlehem Steel Corp., the yard's owner, and WHX Corp., the prospective buyer, and asked the federal government to block the sale of the yard.In charges filed with the National Labor Relations Board in Baltimore, the Industrial Union of Marine and Shipbuilding Workers accused both companies of failing to bargain in good faith and discriminating against the yard's union work force. The union is seeking an injunction to block the sale of the BethShip Inc. yard.
BUSINESS
By BLOOMBERG NEWS | December 21, 1999
NEW YORK -- WHX Corp., the steelmaker run by financier Ronald LaBow, said yesterday that it bought 1.6 percent of No. 3 U.S. steelmaker Bethlehem Steel Corp. and that it wants to discuss the investment with Bethlehem's management, a signal that LaBow may have larger plans for the investment.Adam Miller, a spokesman for WHX, wouldn't say whether the No. 9 U.S. steelmaker plans to buy more -- or all -- of Bethlehem Steel after acquiring about 2 million shares.WHX's market value of $116.93 million is about one-tenth that of Bethlehem's $1.06 billion.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | August 6, 1997
A New York-based merchant banking fund that was among the initial bidders for Bethlehem Steel Corp.'s Sparrows Point shipyard yesterday said that it wants to take another look.Veritas Capital Inc. joins WHX Corp. as a potential buyer in the wake of Bethlehem's termination of negotiations with Peter G. Angelos last week."We're going down there later in the week to revisit the subject," said Tom Campbell, a co-founder of Veritas Capital.Meanwhile, Murphy Thornton, president of the union that represents most of the yard's 900 workers, said WHX director Paul Bucha was in Baltimore to meet with shipyard officials in an attempt to revive WHX's deal.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | August 5, 1997
WHX Corp., the New York-based company that tried to buy Bethlehem Steel Corp.'s Sparrows Point shipyard earlier this year, yesterday said it wants another chance if the sale to Peter G. Angelos is truly dead."
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | April 17, 1997
Bethlehem Steel Corp. said yesterday that it has cut off exclusive negotiations with WHX Corp. on the sale of the Sparrows Point shipyard, reviving the possibility of a purchase by Baltimore Orioles Chief Executive Peter G. Angelos.The steel company's announcement came one day after the BethShip Inc. yard workers union rejected WHX's final offer for an employment contract. The yard faces closure in June if it isn't sold.Paul Bucha, a WHX director, said he told Bethlehem Steel that WHX couldn't close the deal without a labor agreement.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | March 18, 1997
The Sparrows Point shipyard workers' union yesterday filed charges of unfair labor practices against Bethlehem Steel Corp., the yard's owner, and WHX Corp., the prospective buyer, and asked the federal government to block the sale of the yard.In charges filed with the National Labor Relations Board in Baltimore, the Industrial Union of Marine and Shipbuilding Workers accused both companies of failing to bargain in good faith and discriminating against the yard's union work force. The union is seeking an injunction to block the sale of the BethShip Inc. yard.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | March 14, 1997
Signaling a readiness to buy the BethShip Inc. Sparrows Point shipyard without a labor agreement, WHX Corp. yesterday continued negotiations with the yard's owner, Bethlehem Steel Corp."
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | March 13, 1997
Responding to a breakdown in talks between workers at its BethShip shipyard and a prospective buyer, Bethlehem Steel Corp. said yesterday it will close the Sparrows Point operation unless it is sold promptly.In a brief statement, Bethlehem said it was issuing a federally required notice of a "planned permanent shutdown" because of the collapse Tuesday in negotiations between WHX Corp., the sole company negotiating to buy the yard, and the International Union of Marine and Shipbuilding Workers of America.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | February 11, 1997
WHX Corp., the likely buyer of BethShip Inc., would keep the management of the Sparrows Point repair yard and seek new business in major ship conversions and possibly in new shipbuilding, a top company official said yesterday."
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | December 31, 1999
No. 3 steelmaker Bethlehem Steel Corp. boosted the potency yesterday of its "poison pill," a shareholder-rights plan that helps guard against hostile takeovers by making it prohibitively expensive for an unwanted suitor to amass a big stake in the company.The change comes a week after WHX Corp., the parent of Wheeling-Pittsburgh Steel Corp., disclosed that it held 1.6 percent of Bethlehem's stock and filed documents with securities regulators signaling its intent to pursue a takeover or merger.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | March 6, 1997
WHX Corp., the sole company negotiating to buy BethShip Inc., is seeking deep concessions from shipyard workers, union leaders told their members last night.At a raucous meeting crowded with hundreds of yard workers, union leaders said WHX wants cuts in wages, pension benefits, vacations and other areas worth almost $8 an hour."I think it's sad that they insult us with this kind of proposal," said Gary Sullivan, an electrician. "It's a dangerous, dirty, nasty place to work, and we busted our humps over the last 15 years to make it a success."
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | March 1, 1997
Officials of WHX Corp. and the union that represents most of BethShip Inc.'s workers have met for the first time to discuss the New York-based company's interest in buying the Sparrows Point yard, union officials said yesterday."
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