An agreement between Kaiser Steel and four...

An agreement between Kaiser Steel and four retirees that provides for lower retiree benefits while the company is under bankruptcy law protection was approved by a U.S. bankruptcy judge in Colorado. The settlement, which establishes a $7-million fund for benefits for 7,600 retirees, does not affect the pre-bankruptcy claims for benefits that are no longer being provided. “The company wishes the fund could be larger, but we do not have the dollars to do so,” Kaiser Chairman Bruce Hendry said.