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twitterSteelmaker files for Chapter 11
Monday, Oct. 15, 2001 | 9:54 a.m.
PHILADELPHIA -- Bethlehem Steel Corp., struggling with competition from low-cost foreign imports and hobbled by high labor and retiree-benefit costs, filed today for Chapter 11 bankruptcy protection.
The filing came just weeks after the company replaced its chairman and chief executive on Sept. 24 with turnaround expert Robert S. Miller, who led financial negotiations with bank lenders and the federal government leading to the Chrysler bailout .
Miller said the company, the third-largest in the U.S. industry, could not overcome the economic damage caused by low-cost imports and the slowing economy.
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