EXHIBIT 99.1
CONTACT: Robert K. Hynes
Monica Burrows
(212) 355-5200
RELEASE DATE: March 3, 2003
FOR IMMEDIATE RELEASE
WHX ANNOUNCES REJECTION OF GUARANTEE OF LOAN PACKGAGE
TO WHEELING-PITTSBURGH STEEL CORPORATION
New York - WHX Corp. (NYSE: WHX)
WHX announced that on Friday, February 28, 2003, the Emergency Steel
Loan Guarantee Board rejected a $250 million loan package filed on behalf of its
indirect wholly owned subsidiary, Wheeling-Pittsburgh Steel Corporation. The
guarantee was to be a central part of Wheeling-Pittsburgh Steel Corporation's
proposed plan of reorganization. Wheeling-Pittsburgh Steel Corporation sought
Chapter 11 bankruptcy protection in November 2000.
Forward-Looking Statements
This press release contains 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, including without
limitation, general economic conditions, the ability of the Company to market
and sell its products, the effects of competition and pricing, and the ability
of Wheeling-Pittsburgh Steel Corporation to continue business operations or
complete a plan of reorganization. Although the Company believes that the
assumptions underlying the forward-looking statements are reasonable, any of the
assumptions could be inaccurate, and therefore, there cannot be assurance that
any forward-looking statements included in this press release will prove to be
accurate. In light of the significant uncertainties inherent in any
forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by the Company or any other person
that the objectives and plans of the Company will be achieved.
