WASHINGTON—The Pension Benefit Guaranty Corp. said Wednesday that it has taken over underfunded pension plans sponsored by bankrupt specialty metal products manufacturer Crucible Materials Corp.

The PBGC said it acted because the Syracuse, N.Y.-based company is liquidating, and no entity will be left to administer or finance the six plans.

The plans, which have about 3,600 participants, are 58% funded with $147.1 million in assets and $277.3 million in liabilities. The PBGC said it expects to be liable for $106.4 million of the $130.2 million shortfall.