EXHIBIT 99.1
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CONTACT: Robert K. Hynes or
Monica Burrows (212) 355-5200
RELEASE DATE: July 25, 2003
FOR IMMEDIATE RELEASE
WHX ANNOUNCES AGREEMENT WITH THE PENSION BENEFIT GUARANTY
CORPORATION, WHEELING-PITTSBURGH CORPORATION AND THE UNITED
STEELWORKERS OF AMERICA
New York, N.Y. - July 25, 2003 - WHX Corporation (NYSE: WHX) today reported that
it has reached an agreement with the Pension Benefit Guaranty Corporation (the
"PBGC"), Wheeling-Pittsburgh Corporation and its debtor affiliates
(collectively, "WPC"), and The United Steelworkers of America ("USWA") that will
result in a settlement of the Civil Action brought by the PBGC against WHX in
the United States District Court for the Southern District of New York ("Civil
Action"). The agreement and the settlement of the Civil Action are conditioned
upon, among other things, the consummation of the Plan of Reorganization (the
"POR") for WPC that was confirmed by the United States Bankruptcy Court for the
Northern District of Ohio on June 18, 2003. Under the agreement, the PBGC has
agreed to withdraw its complaint in the Civil Action and rescind the termination
of the WHX Pension Plan. WPC, and its subsidiaries, have operated under Chapter
11 of the United States Bankruptcy Code since November 16, 2000.
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 business is
Handy & Harman, a diversified manufacturing company with activities in precious
metals fabrication, specialty wire and tubing and engineered materials. WHX also
owns Canfield Metal Coating Corporation, a manufacturer of electrogalvanized
products used in the construction and appliance industries.
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, and the effects of competition and pricing. 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.
