EXHIBIT 99.1
CONTACT: Robert K. Hynes
Monica Burrows
(212) 355-5200
RELEASE DATE: March 7, 2003
FOR IMMEDIATE RELEASE
WHX ANNOUNCES TERMINATION BY PENSION BENEFIT GUARANTY
CORPORATION OF THE WHX PENSION PLAN
NEW YORK - WHX Corp. (NYSE: WHX)
WHX Corp. today announced that the Pension Benefit Guaranty
Corporation has determined under the Employee Retirement Income Security Act of
1974 ("ERISA") that the WHX Pension Plan must terminate on March 7, 2003 and
that the PBGC should become the statutory trustee of the pension plan. WHX
understands that the PBGC will institute legal action to attempt to take over
the plan assets and assume responsibility for paying benefits. If the PBGC is
successful, participants would not earn additional benefits under the plan.
Ronald LaBow, Chairman of the Board, stated, "We are extremely
disappointed that the PBGC took this action at the present time while
Wheeling-Pittsburgh Steel Corporation seeks reconsideration of the loan package
before the Emergency Steel Loan Guarantee Board. WHX is evaluating the impact of
this PBGC decision."
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.