It will also be talking to the United Steelworkers of America to see if it can lower its benefit payouts.

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All bankrupt steel companies have something in common, says Mark Parr of McDonald Investments, a local investment bank: the United Steelworkers of America.

ECONOMIST: Lessons from the death of LTV

Mr. TIM WATERS (Director of Rapid Response, United Steelworkers of America) Right now we're in a clothing factory with, what I'm just guessing looking out on this one floor, hundreds and hundreds of sewing machines, and people sitting at benches with no backs on them, just bent over, sewing clothes for the U.S. market.

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