EXHIBIT 99.1
Contact person: Robert K. Hynes
(212) 355-5200
FOR IMMEDIATE RELEASE
WHX CORPORATION ANNOUNCES THE EXIT OF CERTAIN PRECIOUS METAL
ACTIVITIES BY ITS HANDY & HARMAN SUBSIDIARY
New York, N.Y., April 26, 2002 - WHX announced today that its wholly owned Handy
& Harman subsidiary has decided to exit certain of its precious metal
activities. The affected product lines are manufactured at Handy & Harman's
Fairfield, Connecticut and East Providence, Rhode Island facilities.
Handy & Harman has decided to move away from some of its historical business
base and focus its resources on higher growth activities.
The decision to exit these operating activities will result in a second quarter
charge in the range of $14.5 to $16.5 million. Additionally, in accordance with
FASB #144 "Disposal of Long Lived Assets," Handy & Harman will incur increased
depreciation expense of approximately $9 million on equipment values during the
remaining operating period of the affected businesses, estimated to be six
months.
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.
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.
