An ESOP Fable

Workers turn into owners

The 6,000 men and women who labor at National Steel's Weirton division in West Virginia produce some of the finest steel and tin plate in the world, about $1 billion worth annually. Even so, the plant lost $50 million in 1982. A year ago, when National announced it would stop investing capital in the plant, Weirton employees feared that management would drastically shrink the operation or shut it down altogether.

To keep that from happening, Weirton's workers and management, along with a representative from the office of Governor Jay...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!