EXHIBIT 99.1
Contact: Robert K. Hynes or Monica Burrows
(212) 355-5200
FOR IMMEDIATE RELEASE
WHX CORPORATION ANNOUNCES DATE OF 2002 ANNUAL MEETING OF
STOCKHOLDERS AND RECEIPT OF NOTIFICATION FROM THE NYSE
New York, N.Y., April 30, 2002 - WHX Corporation (NYSE: WHX)
announced today that its 2002 Annual Meeting of Stockholders will be held at
11:00 a.m., local time, Tuesday, June 18, 2002 at the Dupont Hotel, 11th &
Market Streets, Wilmington, Delaware 19801. The record date for stockholders
entitled to vote at the meeting is May 7, 2002. Notice of the Annual Meeting,
proxy statement and proxy, as well as the 2002 Annual Report, will be mailed to
stockholders in advance of the Annual Meeting.
WHX also announced that it had been notified by the New York Stock
Exchange ("NYSE") that its share price had fallen below the continued listing
criteria requiring an average closing price of not less than $1.00 over a
consecutive 30 trading-day period. Following notification by the NYSE, WHX has
up to six months by which time WHX's share price and average share price over a
consecutive 30 trading-day period may not be less than $1.00. In the event these
requirements are not met by the end of the six-month period, WHX would be
subject to NYSE trading suspension and delisting and, in such event, WHX
believes that an alternative trading venue would be available. WHX is currently
evaluating alternatives to bring its average share price back into compliance
with NYSE requirements, including a potential reverse stock split which is one
of the proposals to be acted upon at the 2002 Annual Meeting of Stockholders.
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.
