EXHIBIT 99.1
Contact person: Robert Hynes
(212) 355-5200
FOR IMMEDIATE RELEASE
WHX CORPORATION ANNOUNCES FIRE AT ITS SUMCO INC. PLATING FACILITY
New York, N.Y., January 22, 2002 - WHX Corporation (NYSE: WHX) today announced
that a fire occurred at Handy & Harman's Sumco Inc. plating facility, located in
Indianapolis, Indiana on Sunday evening, January 20, 2002, and was extinguished
on Monday morning, January 21, 2002. Handy & Harman is a wholly-owned subsidiary
of WHX. Handy & Harman reported that to its knowledge no injuries occurred as a
consequence of the fire.
Handy & Harman is in the process of determining the extent of the damage to the
facility. Although it believes that the damage is extensive and the facility
will not be operational for a period of time not yet determined, Handy & Harman
is committed to commencing repairs and to resuming operations at the facility as
soon as is reasonably possible. Handy & Harman is also monitoring the effects of
the fire on the community where the plant is located. Handy & Harman has
business interruption and casualty insurance. At the present time, the cause of
the fire is not yet known.
About WHX
WHX is a holding company that has been structured to invest in and/or acquire a
diverse group of businesses on a decentralized basis. WHX's primary businesses
currently are: Handy & Harman, a diversified manufacturing company whose
strategic business segments encompass, among others, specialty wire, tubing, and
fasteners, and precious metals plating and fabrication; and Unimast
Incorporated, a leading manufacturer of steel framing, vinyl trim and other
products for commercial and residential construction. WHX's other business
consists of the WPC Group, a vertically integrated manufacturer of value-added
and flat rolled steel products, which filed a petition for relief under Chapter
11 of the Bankruptcy Code on November 16, 2000.
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.
