Victor Posner has agreed with Sharon Steel...

Victor Posner has agreed with Sharon Steel Corp.’s creditors to give up control of the bankrupt steelmaker, the company announced. William Schorling, an attorney for Sharon, said Posner signed an accord providing for creation of a new seven-member board, of which a majority would be independent of the financier. He said Sharon’s creditors’ committee, led by Quantum Fund N.V. and Cleveland Cliffs Inc., voted to accept the compromise settlement. The agreement also requires Posner to reimburse Sharon with $4.4 million it paid toward his legal expenses in a recent tax evasion case, Schorling said.