EXHIBIT 99.1
CONTACT: Robert K. Hynes or
Monica Burrows (212) 355-5200
RELEASE DATE: August 1, 2003
FOR IMMEDIATE RELEASE
WHX ANNOUNCES THE CONSUMMATION OF THE PLAN OF
REORGANIZATION FOR WHEELING-PITTSBURGH CORPORATION
New York, N.Y. - August 1, 2003 - WHX Corporation (NYSE: WHX) today announced
that a Chapter 11 Plan of Reorganization (the "POR") for Wheeling-Pittsburgh
Corporation and its debtor affiliates (collectively, the "WPC Group") was
consummated on August 1, 2003. The POR had been confirmed by the United States
Bankruptcy Court for the Northern District of Ohio on June 18, 2003. Among other
things, as a result of the consummation of the POR, each member of the WPC Group
will cease to be a subsidiary of WHX Corporation. In connection with the
consummation of the POR, WHX has made all contributions required under the POR,
as previously disclosed.
In addition, upon consummation of the POR, the previously announced agreement
between WHX, the Pension Benefit Guarantee Corporation (the "PBGC"), WPC and the
United Steel Workers of America became effective. This agreement results 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. Accordingly, the
PBGC has agreed to withdraw its action to terminate the WHX Pension Plan.
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.
