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Posted 09 Apr 2002   For week ended January 11, 2002
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and the LDS Church
Sent on Mormon-News: 03Feb02
By Vickie Speek
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Geneva May Return to Normal by February

VINEYARD, UTAH -- Geneva Steel, one of the major employers in Utah County, could be back producing steel as early as February, if market conditions and finances work out. The steel mill  has been shut down since last fall.

Ken Johnsen, Geneva Steel's president and CEO, said the company has repaid its outstanding debts and is hoping to receive an extension on reducing its line of credit. According to an agreement reached on Nov. 14 when the company announced the temporary shutdown, Geneva had until Dec. 21 to pay off debts and to reduce its line of credit from $8.25 million to zero. The steel mill received an extention on its line of credit until Jan. 10 and is looking to obtain another one. If the terms of the agreement are not met, the company will have to file Chapter 11 bankruptcy for the second time.

But an extension on the credit line will not mean the plant will be opening up right away. Johnsen said the plant's opening is not directly related to finances, but to the market. The worry now is about foreign imports again pushing down the market for steel. Geneva was originally shut down because market prices were not high enough for the plant to cover its operating expenses.

The company has asked the U.S. government for a steel industry bail-out bill - one that would include higher tarrifs and penalties from foreign steel producers.

Geneva may be back in business by February
Provo UT Daily Herald pgA1 28Dec01 B4
By Donald W. Meyers


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