LTV Foundation to Help Terminated Employees
Cleveland, OH - The LTV Foundation is planning to make a major grant to a local charitable organization to be used to help meet community needs resulting from the closure of LTV Steel.
The grant also would provide economic assistance to the steel company's former employees, many of whom received no benefits at the time of their termination.
The Foundation has been developing this program for the past five weeks and currently is finalizing arrangements for the administration of the $14 million program. The LTV Foundation is a philanthropic organization with separate assets not affected by the LTV bankruptcy. After the conclusion of the hardship program, the Foundation will be closed.
"It is the Foundation's goal that these funds help former LTV employees cope with the hardships caused by the loss of income and benefits," said Glenn J. Moran, chairman of the LTV Foundation.
Eligible former LTV employees will receive more information about the program within the next four weeks.
Throughout its 50-year history, the LTV Foundation has provided grants to community service, education, healthcare and cultural organizations serving its plant communities.