WCI Steel, Inc. announced that a Plan of Reorganization approved by the company's independent board of directors has been filed in the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division.

The reorganization plan, which is sponsored by parent company The Renco Group, Inc., is subject to approval by the bankruptcy court and a vote of creditors and other stakeholders.

Edward R. Caine, WCI's Vice Chairman and Chief Restructuring Officer, said the Renco-sponsored plan contains a substantial cash infusion, assumption of current pension obligations and a ratified labor agreement with the United Steelworkers of America — all of which provide the company with a significant amount of financial strength and flexibility.

"We are grateful to Renco for stepping forward with the financial resources necessary to submit a plan to the court that will allow WCI to emerge from Chapter 11 as a viable, independent company," Caine said. "We also appreciate the continued support of the United Steelworkers as we proceed through the reorganization process."

WCI filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code on Sept. 16, 2003.

WCI is an integrated steelmaker producing more than 185 grades of custom and commodity flat-rolled steel at its Warren, Ohio facility. WCI's products are used by steel service centers, convertors and the automotive and construction markets. The company has approximately 1650 employees.