The parent of Wheeling-Pittsburgh Steel said yesterday that it would sell its minority stake in a Follansbee, W.Va., sheet steel venture for $71.4 million and use the proceeds to pay down debt.

Esmark's investment in Wheeling-Nisshin Inc. is being sold to Nisshin Steel Co. Ltd., the Japanese steel producer that owns 64 percent of the 22-year-old joint venture. Wheeling-Nisshin produces light gage, coated sheet steel used by the automotive, appliance and construction industries.

The sale, expected to close this month, comes after Esmark's creditors once again extended their current agreements as the steelmaker attempts to negotiate new loan agreements. The steelmaker lost $158 million in the first nine months of last year and does not expect to report fourth-quarter and 2007 results until the end of this month.

"Today's actions represent one of the first phases of our plan to make Esmark profitable," Chairman and Chief Executive Officer James P. Bouchard said.

"We will continue to evaluate all of our operations and take actions to discontinue noncompetitive product offerings and equipment, improve our operations, as well as evaluate and pursue, when appropriate, strategic options."

Options Mr. Bouchard has said are under consideration include closing Wheeling-Pitt's plant in Allenport.

A team led by Mr. Bouchard and his brother took over management of Wheeling-Pitt in December 2006 after shareholders ousted the board of directors and replaced it with a slate led by Mr. Bouchard. Wheeling-Pitt shareholders approved merging with Esmark, the Bouchards' Chicago Heights, Ill., steel processor, in November.

Esmark's shares closed yesterday at $12.06, down 42 cents.