LTV Appoints Chief Operating Officer; New
Leadership for Integrated Steel Unit
CLEVELAND, Feb. 26 The LTV Corporation
(OTC Bulletin Board: LTVCQ) today announced senior management appointments in
preparation for a successful restructuring and turnaround of its integrated
steel business. The Board of Directors has appointed John D. Turner, (55),
executive vice president of The LTV Corporation and president of LTV
Copperweld, to the additional position of chief operating officer of The LTV
Corporation. As chief operating officer, Mr. Turner will have overall
management responsibility for LTV's integrated steel and metal fabrication
operations, including LTV Copperweld and VP Buildings. Mr. Turner will report
to William H. Bricker, LTV's chairman and chief executive officer. The
appointment is effective immediately.
"John Turner is an exceptional individual, capable of providing strong,
experienced leadership in the coming period of dramatic change and
restructuring," said Mr. Bricker. "Since John Turner joined Copperweld 17
years ago, the company's annual revenues have grown five fold, and the
organization has achieved 15 consecutive years of profitable operation. Most
recently, John successfully integrated Copperweld, Welded Tube Co. of America
and LTV Steel Tubular Products into the new LTV Copperweld, the largest
manufacturer of tubular steel products in North America and the world's
largest producer of bimetallic wire products. He maintains high performance
standards based on his core values of safety, integrity, trust, customer
satisfaction, teamwork, and continuous improvement. We are very optimistic
about the future of LTV's operations under his leadership."
LTV also announced the following management appointments, which are
effective immediately. These individuals now report to John Turner:
* John C. Mang, III, general manager of LTV Steel's Cleveland Works, has
been promoted to senior vice president of steel operations. Mr. Mang
has senior management responsibilities for LTV's integrated steel
operations, including the Cleveland, Indiana Harbor and Hennepin Works,
Quality Control, the L-S Electrogalvanizing joint venture, and the LTV
railroads.
* G. Basil Davies, LTV Copperweld's senior vice president, marketing and
sales has been named senior vice president, commercial for LTV's
integrated steel business. In his new position he will lead LTV
Steel's marketing and sales, customer service, technical service,
operations control and outside processing functions.
* David L. Carroll, LTV Copperweld's senior vice president and general
manager, pipe and conduit group, has been appointed to the additional
position of vice president of industrial relations -- LTV Steel. His
responsibilities will include labor relations, industrial engineering,
hourly benefits, workers compensation, safety, medical services, and
security.
* William F. Morgan, LTV Copperweld's vice president of information
systems has been named vice president of information technology and
chief information officer of The LTV Corporation. Reporting to Mr.
Morgan will be Linda Wiersema, who has been named to the newly created
position of vice president of information technology -- LTV Steel.
Also reporting to John Turner:
* David M. Gilchrist, Jr. will continue in his duties as an executive
vice president of The LTV Corporation and president of VP Buildings, an
LTV subsidiary.
* Dr. Brian Attwood will continue as vice president of research -- LTV
Steel.
* James R. Baske, vice president of engineering, procurement, raw
materials, and environmental control -- LTV Steel will also assume
senior managerial responsibilities for the company's traffic functions.
Mr. Turner said, "I am confident that we have created a new management
team with the skills and talents needed to successfully implement permanent
solutions to the operating and structural problems facing LTV's integrated
steel business. I have been impressed with the depth of knowledge and
experience that we have in this company. It is this management team's
objective to put these resources to good use for the benefit of our employees,
our customers and the many people and communities whose futures and security
depend on our success."
LTV also announced that George T. Henning, LTV Corporation's vice
president and chief financial officer, will now report to James J. Bonsall,
Jr., chief restructuring officer. Mr. Bricker said that it was critical that
all financial strategies and initiatives be integrated with the restructuring
effort.
LTV said that Richard J. Hipple, executive vice president of The LTV
Corporation and president of LTV Steel; James F. Haeck, executive vice
president of The LTV Corporation, with responsibilities for LTV Steel's
commercial functions; and Norman P. Vernon, vice president of industrial
relations -- LTV Steel will be leaving the company to pursue other
opportunities.
"Dick Hipple, Jim Haeck and Norm Vernon have provided dedicated service to
our integrated steel operations throughout their careers. We are grateful for
their commitment and hard work and wish them every success in their future
endeavors," said Mr. Bricker.
Biographical information on Messrs. Turner, Mang, Davies, Carroll and
Morgan:
John D. Turner is a native of Youngstown and a graduate of Colgate
University. He began his career in 1968 at Youngstown Sheet and Tube Company.
In 1978 he joined National Steel Corporation and served in key flat rolled
steel marketing and sales capacities, rising to the position of vice president
-- marketing and sales. Mr. Turner joined Copperweld Corporation in 1984 as
group vice president -- marketing and sales. He then advanced to the
positions of group vice president -- specialty bar and tubing and executive
vice president. In 1987 he was appointed president and chief operating
officer. He was named chief executive officer in 1988. In 1999, following
the acquisition of Copperweld by LTV, he was named president of the newly
formed LTV Copperweld and executive vice president of The LTV Corporation.
John C. Mang, III joined the company in 1970 and has held a variety of
positions of increasing responsibility including general manager of the
Indiana Harbor, Hennepin and Tin Mill operations. In 1998 he was named
general manager of the Cleveland Works. He earned both a bachelors and a
masters degree in management from Purdue University.
G. Basil Davies joined Copperweld in 1985 as vice president of marketing
and advanced to the position of senior vice president of marketing and sales
-- tubular products in 1999. He began his career as a sales trainee in 1966
with National Steel. After gaining experience in a variety of flat rolled
steel marketing and sales management positions -- including marketing manager-
automotive -- he was promoted to general manager of marketing in 1983.
Mr. Davies holds a bachelors degree from the University of Arizona and a
Masters of Business Administration from the University of Detroit.
David L. Carroll began his career in labor relations in 1964 with
Jones & Laughlin Steel. After serving in a number of labor relations,
personnel and public affairs positions, he was named vice president and
general manager of LTV Steel's Tin Mill Products division in 1991. He was
named to the same position for LTV Steel's tubular products business in 1993.
He was appointed senior vice president and general manager of LTV Copperweld's
pipe and conduit group in 1999. Mr. Carroll earned a bachelors degree in
business administration and a masters degree in industrial relations from St.
Francis College.
William F. Morgan holds the Bachelor of Science and Master of Business
Administration degrees from the University of Pittsburgh. After positions at
Westinghouse Astro-Nuclear Lab, Cyclops Steel and Babcock and Wilcox, he
joined Copperweld in 1974 and was promoted to vice president of information
systems in 1996.
The LTV Corporation is a manufacturing company with interests in steel and
metal fabrication. LTV's Integrated Steel segment is a leading producer of
high-quality, value-added flat rolled steel, and a major supplier to the
transportation, appliance, electrical equipment and service center industries.
LTV's Metal Fabrication segment consists of LTV Copperweld, the largest
producer of tubular and bimetallic products in North America and VP Buildings,
a leading producer of pre-engineered metal buildings for low-rise commercial
applications.
This press release includes forward-looking statements. Our uses of the
words "outlook," "anticipates," "believes," "estimate," "expect" and similar
words are intended to identify these statements as forward looking. These
statements represent our current judgement on what the future holds. While
the Company believes them to be reasonable, a number of important factors
could cause actual results to differ materially from those projected. These
factors include relatively small changes in market price or market demand;
changes in domestic capacity; changes in raw material costs; increased
operating costs; loss of business from major customers, especially for high
value-added product; availability of post petition financing; negative market
and credit impact from the Chapter 11 filing; unanticipated expenses;
substantial changes in financial markets; labor unrest; unfair foreign
competition; major equipment failure; unanticipated results in pending legal
proceedings; difficulties in implementing information technology; and other
factors.
