LTV Corporation Receives $700 Million of Debtor-in-Possession Financing

    CLEVELAND, March 5 The LTV Corporation
(OTC Bulletin Board:  LTVCQ) today announced that it has filed a motion in the
U.S. Bankruptcy Court for an order approving new debtor-in-possession
financing facilities of approximately $700 million.  The new facilities will
enable LTV to continue the normal operation of its businesses, maintain the
confidence of customers, suppliers and creditors and make needed capital
improvements.  The new facilities also will enable LTV to pursue essential
changes to its operations that will improve the long-term financial health of
the company.
    "With these competitive debtor-in-possession financing facilities, we are
now positioned to focus on restructuring LTV's integrated steel operations and
take other actions needed to put this company on a strong, competitive footing
for the future," said William H. Bricker, chairman and chief executive officer
of The LTV Corporation.
    The new financing arrangements consist of two components:
    1.  A Replacement Facility will provide a term loan and letters of credit
        totaling about $600 million (the amount outstanding under the previous
        working capital agreements) and will resolve the dispute and
        litigation concerning the Interim Order issued by the Court on
        December 29, 2000.  The Facility will be funded by the previous
        inventory lenders and receivables lenders.  Chase Manhattan Bank will
        act as the agent and Abbey National Treasury Services plc will serve
        as co-agent.
    2.  A Working Capital Facility will provide $100 million of additional
        financing in the form of a $35 million term loan facility and an
        undrawn $65 million revolving credit facility.  The Facility is to be
        arranged by Abelco Finance LLC.

    The new financing arrangements are subject to final documentation and
approval of the bankruptcy court. The Facilities mature on June 30, 2002, or
upon the substantial consummation of a confirmed plan of reorganization,
whichever occurs first.
    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.