SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 11, 2002
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WHX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-2394 13-3768097
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
110 East 59th Street, New York, New York 10022
Address of principal executive offices
Registrant's telephone number, including area code: (212) 355-5200
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N/A
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(Former name or former address, if changed since last report.)
Item 5. Other Events.
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On January 10, 2002, Wheeling-Pittsburgh Steel Corporation ("WPSC"),
an indirect wholly-owned subsidiary of WHX Corporation ("WHX"), issued a press
release, which is set forth as Exhibit 99.1 to this Current Report and is
incorporated by reference herein, announcing the development of a financial plan
to provide resources to WPSC for its operations.
Forward-Looking Statements
This report 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.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits
Exhibit No. Exhibits
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99.1 Press Release of Wheeling-Pittsburgh Steel
Corporation dated January 10, 2002.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WHX CORPORATION
Dated: January 11, 2002 By: /s/ Robert K. Hynes
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Name: Robert K. Hynes
Title:Vice President - Finance
EXHIBIT 99.1
Wheeling-Pittsburgh Steel Announces Development of
Financial Support Package
WHEELING, W.Va., January 10, 2002 -- Wheeling-Pittsburgh Steel Corporation
tonight announced that it has developed a $27.2 million plan of financial
support that will allow it to survive its cash crisis. If approved by its
various participants, the financial package will provide the resources to enable
Wheeling-Pittsburgh Steel to continue its operations and take part in a
strengthening steel market.
The plan includes $5 million in loan contributions by the State of West
Virginia, and $7.2 million from the State of Ohio. The company expects all the
contributions to be committed and finalized by the middle of next week.
"This financial support plan involved complex negotiations, with participation
contingent on the involvement of other parties. When finalized, this package
will ensure that Wheeling-Pittsburgh Steel survives this crisis and that it will
continue to provide thousands of jobs in the Ohio and Mon valleys," said James
G. Bradley, President and CEO.
"Were it not for Gov. Bob Wise's heroic efforts over the past several weeks and
the strong stand he took last night in his West Virginia State of the State
Message, this financial package would not have succeeded," Bradley said. "The
leadership of Gov. Wise and Gov. Bob Taft of Ohio demonstrate their commitment
to the workers and families of the Upper Ohio Valley who depend on the steel
industry for their livelihood."
Wheeling-Pittsburgh Steel is the nation's eighth largest integrated steelmaker,
with 4,100 employees and 2.4 million tons of steelmaking capacity.
