Wells Fargo & Co. denied Thursday that it had yielded to labor pressure when it dropped its lead-arranger role for a $125 million credit line to Oregon Steel Mills Inc.

The AFL-CIO said it was reducing its role in leading the credit facility because of a loss of deposits and union pension business. The union is involved in a 19-month strike against Oregon Steel's Pueblo, Colo., plant, and it is boycotting banks that do business with the company.

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