Ryerson Tull Reaches Agreement with Ispat and PBGC
Sep 19, 2003
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Ryerson Tull, Inc. announced that it has settled all claims between it and Ispat Inland Steel Company and Ispat International NV, related to the U.S. $90 million aggregate limit for environmental and other indemnification claims from its 1998 sale of Inland Steel Company. The settlement required a $21-million payment by Ryerson Tull to the Ispat Inland Pension Plan on Sept. 15, 203. An accrual previously established by Ryerson Tull will fully cover the settlement payment.

A separate agreement between Ryerson Tull, the Pension Benefit Guaranty Corporation (PBGC), and Ispat provides that the $21-million payment will immediately reduce Ryerson Tull's $50-million letter of credit/guaranty to the PBGC supporting the Ispat Inland Pension Plan. Future payments to be made to Ispat under the settlement agreement will continue to reduce Ryerson Tull's letter of credit on a dollar-for-dollar basis.

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