EXHIBIT 99.1
CONTACT PERSON:
Robert Hynes
(212) 355-5200
FOR IMMEDIATE RELEASE
WHX CORPORATION ANNOUNCES EXPIRATION OF ITS MODIFIED DUTCH
AUCTION TENDER OFFER AND CONSENT SOLICITATION FOR ITS
10 1/2% SENIOR NOTES DUE 2005
New York - December 21, 2001 - WHX Corporation (NYSE: WHX) announced
today that it permitted its "Modified Dutch Auction" tender offer and consent
solicitation with respect to $123,000,000 principal amount of its outstanding 10
1/2 % Senior Notes due 2005 (the "Notes") to expire at 5:00 p.m. New York City
time, on Thursday, December 20, 2001, in accordance with its terms and did not
extend it. The conditions to the tender offer and consent solicitation were not
satisfied and, accordingly, WHX will not purchase any of the tendered Notes and
the indenture pursuant to which the Notes were issued will not be amended.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and uncertainty.
Although WHX believes that the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions could be
inaccurate, and therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to be accurate. In light of
the significant uncertainties inherent in the forward-looking statements
included herein, the inclusion of such information should not be regarded as a
representation by WHX or any other person that the objectives and plans of WHX
will be achieved.
