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Wheeling-Pittsburgh Steel Corp. will take a $170 million one-time charge against fourth-quarter earnings to adjust for retiree health benefits.

The charge includes $74 million in major medical insurance benefits for retirees granted in a labor contract signed Dec. 19, spokesman Ray Thompson said.

It also includes $96 million for changes in retirees' medical and life insurance benefits to update previous estimates of health coverage, the company said in a news release.

Wheeling-Pitt said the charge was required to show the company's expectations of medical costs and to reflect accounting changes.

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