Summarized by Eric Bunker
Geneva hires new executive to help bankruptcy woes
Utah co UT Journal 12Aug99 L4
By C.C. Fisher: Orem Daily Journal
VINEYARD, UTAH -- The Board of directors for Geneva Steel announced
Thursday that it has appointed Birchel S. Brown as senior vice
president of operations. Hired away from Northwestern Steel and Wire
in Chicago, where he was serving as vice president of steel and wire
operations. Brown has a total of 33 years of steel operations
experience.
Geneva officials filed for Chapter 11 bankruptcy this last February as the
result of years long slump in business due to foreign steel companies
dumping steel in the United States at a lower cost than what U.S. steel
makers could produce at cost. Company officials are hoping that Brownís
extensive experience will help bring the company out of bankruptcy.
A top Geneva official has also just returned from Washington where he
lobbied with other US steel producers for government protection. A
financial aid package is making its way through the Congress. The aid
package will also give private investors and lenders more confidence in
providing capital and operating funds.
|