LTV Steel Hourly Retiree Benefits to End March 31, 2002; Trust Fund Nearly Exhausted

CLEVELAND, Feb. 22 -- LTV Steel today announced that the Company and the United Steelworkers of America (USWA) now expect that funds in the Voluntary Employee Beneficiary Association (VEBA) trust will not be sufficient to assure payment of retiree health care claims incurred after March 31, 2002. As a result, all health care and life insurance benefits provided to hourly retirees of LTV Steel will end on March 31, 2002.

As a result of the liquidation of LTV Steel, all USWA-retiree health care and life insurance benefits have been paid by the VEBA trust since November 2001. In addition, in December of last year the U.S. Bankruptcy Court approved an order that the Company's obligation to pay for hourly retiree health care and life insurance benefits would cease when the funds in the VEBA were exhausted.

If there are any funds remaining in the VEBA trust after the payment of claims incurred on or before March 31, the Company and the Union will develop a fair and equitable plan for the remaining assets on behalf of the retirees and eligible dependents now covered by the VEBA trust.

The exhaustion of the VEBA trust funds will not affect the Company's hourly pension plans.

Hourly retirees and surviving spouses who are currently receiving medical insurance coverage from LTV Steel will have the opportunity to continue coverage for a limited time if they pay the full premium for this coverage under the terms of COBRA.

LTV Steel hourly retirees and surviving spouses will receive full details regarding the cessation of health care and life insurance benefits by mail in the near future. Information about obtaining COBRA coverage will be mailed near the end of March.

The LTV Corporation, along with 48 subsidiaries, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code on December 29, 2000. The cases were filed in the U.S. Bankruptcy Court, Northern District of Ohio, Eastern Division and jointly administered as Case No. 00-43866. On December 7, 2001, the U.S. Bankruptcy Court issued an order authorizing the implementation of an Asset Protection Plan (``APP''). The APP includes the shutdown and sale of all integrated steel assets. The Plan also provides for the continued operation and sale of Copperweld and LTV's tubular products business.

The LTV Corporation believes that shares of its common stock are worthless because the value expected to be generated by the sale of assets would be insufficient to provide a recovery for common shareholders in the reorganization process.