▁and ▁dem ise ▁ ▁Tr ou bles ▁continued ▁to ▁pl ague ▁P enn - D ix ie . ▁ ▁In ▁ 1 9 8 0 , ▁the ▁firm ▁file d ▁for ▁Chapter ▁ 1 1 ▁re organ ization ▁bank rupt cy . ▁ ▁On ▁January ▁ 2 9 , ▁ 1 9 8 2 , ▁the ▁company ▁was ▁able ▁to ▁obtain ▁con cess ions ▁from ▁its ▁United ▁Ste el work ers ▁local ▁that ▁reduced ▁labor ▁costs ▁by ▁$ 2 ▁an ▁hour , ▁and ▁it ▁agreed ▁to ▁pass ▁on ▁the ▁sav ings ▁to ▁its ▁employees ▁once ▁the ▁company ▁att ained ▁profit ability . ▁ ▁In ▁March ▁ 1 9 8 2 , ▁it ▁emer ged ▁from ▁bank rupt cy , ▁having ▁shed ▁all ▁its ▁operations ▁with ▁the ▁exception ▁of ▁the ▁steel ▁division . ▁ ▁The ▁company ▁re organ ized ▁under ▁the ▁name ▁Cont inental ▁Ste el ▁Corporation , ▁with ▁its ▁headquarters ▁being ▁re located ▁from ▁New ▁York ▁to ▁K ok omo . ▁ ▁Exp end it ures ▁were ▁made ▁in ▁ 1 9 8 4 – 1 9 8 5 ▁on ▁a ▁new ▁continuous ▁rod ▁mill ▁and ▁a ▁continuous ▁b illet ▁c aster ▁in ▁hope ▁that ▁this ▁would ▁salv age ▁the ▁company , ▁but ▁the ▁business ▁continued ▁to ▁decl ine . ▁ ▁In ▁late ▁ 1 9 8 5 , ▁Cont inental ▁Ste el ▁again ▁sought ▁Chapter ▁ 1 1 ▁bank rupt cy , ▁hoping ▁for ▁another ▁opportunity ▁to ▁re organ ize , ▁but ▁in ▁February ▁of ▁the ▁following ▁year ▁its ▁credit ors ▁were