Weirton Steel says it has accepted the buyout offer from ISG. CEO Leonard Wise announced the deal early this morning in a prepared statement.

He says the purchase is good news for the company, its customers and the community. Wise says the goal has always been to keep steelmaking in the Ohio Valley and a deal with ISG would do that. It also lets Weirton compete in a global market that has dramatically changed in the past five years.

ISG is the nation's number two integrated steelmaker, behind US Steel. The deal must be submitted to a federal bankruptcy judge in Wheeling, who will solicit other bids to make sure the deal is fair.

If approved, the sale would end a labor legacy at Weirton, once the largest US company owned 100 percent by its workers.

Weirton Steel sought chapter eleven bankruptcy in May of 2003 after losing money for five years.

Union officials say they expect retirees to benefit from the buyout offer. Independent Steelworkers Union President Mark Glyptis says the union has reached an agreement with Cleveland-based ISU that would cover 8-thousand union retirees, their dependents and spouses.

In announcing this planned sale of Weirton Steel to ISG, Leonard Wise said the company could no longer afford to pay for health and life insurance.

In a Independent Steelworkers Union press conference at 8:00 a.m. Mark Glyptis says this is a good thing for the Ohio Valley. He says the union is working to maintain a meaningful plan for its retirees.

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