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Updated: 7:33 p.m. Monday, July 31, 2006 | Posted: 6:15 p.m. Monday, July 31, 2006
It seems not much good news comes from steel companies these days. But one local mill is talking about their success, since making history, and emerging from bankruptcy three years ago this August.
"I think on the financial front it hasn't always been easy," said Paul Mooney, CFO of Wheeling Pittsburgh Steel.
Wheeling Pittsburgh Steel declared bankruptcy in November of 2000, and made history when they emerged in 2003.
But since emerging, what has changed? NEWS9 sat down with the top brass at Wheeling Pitt to find out.
They say the key was the equipment and the workers
"Coming out of bankruptcy we've really made this a priority and the equipment is responding very well, because we have very good operators," said Don Keaton, vice president of Steel Manufacturing
Since emerging from bankruptcy, the company has spent nearly half a billion dollars on equipment, and it seems to be paying off.
The blast furnace is one of the top two in the country when it comes to productivity.
At the 80-Inch Hot Strip Mill, a new roll changer is producing more, and that means more profits. The company recently revised their profit expectations, projecting $8 million more than previously expected.
"The last six months at Wheeling Pitt has been outstanding in regards to how we've been operating the company," said Keaton.
And that's why our cameras were granted unprecedented access. The company said they are proud of what they've accomplished, and want to show the Ohio Valley what has changed at their mills.
"We were a company that had some really serious issues facing us," said Jim Bradley, CEO of Wheeling Pittsburgh Steel.
But they could have more serious issues facing them. Esmark Steel claims that Wheeling Pitt is under performing, and is trying to oust the top executives.
If that happens, Esmark plans to merge the two companies and shut down the blast furnace.
John Paul, NEWS9
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