LTV Steel Reduces Salaried Employment Levels 17%

    CLEVELAND, March 22 LTV Steel today announced that it has
permanently eliminated 17%, or 485, of the company's salaried positions since
the fourth quarter of 2000.  Of the 485 positions eliminated, 290 were
associated with the closure of the LTV Steel Mining Company and the sale of
the Tin Mill Products business.  The remainder of the eliminated positions was
primarily in staff and support areas throughout LTV Steel.  While most of the
staff and support positions were eliminated through normal attrition, there
were approximately 50 people whose employment was recently terminated.  These
people will receive severance payments that were approved by the bankruptcy
court on March 20, 2001.  LTV previously announced that it had eliminated the
use of 200 contract employees throughout its steel operations during the same
period.
    "It is unfortunate that we must eliminate jobs from our company," said
John D. Turner, executive vice president and chief operating officer.
"However, LTV Steel is taking the necessary steps toward returning its
operations to profitability, and this is one of the steps necessary to
accomplish that objective.  We are dedicated to the long-term financial
viability and success of LTV, which is of critical importance to the
100,000 employees, family members and retirees who rely on the company, as
well as to the communities that depend on LTV for economic stability," he
said.
    The LTV Corporation (OTC Bulletin Board: LTVCQ) 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.