LTV Corp. Moving Headquarters from Dallas to Cleveland
CLEVELAND (AP) _ LTV Corp., which hopes to emerge from Chapter 11 bankruptcy court protection as a steel and energy business, announced plans Wednesday to move its headquarters from Dallas to steel-making Cleveland.
The move of the corporate staff to Cleveland, where LTV Steel has its headquarters and 7,100 employees, will mean 20 to 25 more LTV jobs in the city, LTV Corp. chairman David H. Hoag said. The company said it hopes to complete the move by Dec. 31.
The jobs will be filled with newly hired employees and some transfers from Dallas, Hoag said. He didn’t specify a breakdown.
While the move won’t mean a large number of new jobs at LTV’s building downtown, ″It will cement this corporation’s presence in Cleveland,″ Hoag said.
Last month LTV sold its aerospace and defense businesses based in Dallas and Grand Prairie, Texas, leaving the corporation dominated by steel making and oil field supply.
LTV Energy Products Co. will keep its Garland, Texas, headquarters.
Hoag said the changing makeup of LTV made Cleveland the obvious choice as its headquarters. Forty percent of LTV’s 18,000 employees are employed at its Cleveland Works, which can produce 5 million tons of steel a year.
LTV filed for Chapter 11 bankruptcy court protection from creditors in 1986. Hoag predicted the company would emerge from bankruptcy by mid-1993.
The company still faces financial challenges, Hoag said.
″Our primary task will always be to continuously improve our quality and our customer service,″ Hoag said.
″We also have to be profitable to live up to our many obligations, most particularly those obligations to our employees, our retirees, our shareholders and our community.″
Hoag said the need to become profitable ″will require us to continuously reduce our costs by every means available to us. We are in the right city, in the right state to carry on this competitive battle.″
The corporate move was welcomed by Mayor Michael R. White and Claire Rosacco, representing Gov. George Voinovich, who is on an economic development trip to Asia.
″We have a chance to say to the entire country that Cleveland truly is America’s comeback city,″ White said.