UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 3, 2006
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WHX CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-2394 13-3768097
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
555 Theodore Fremd Avenue, Rye, New York 10580
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (914) 925-4413
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N/A
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(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):
/_/ Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
/_/ Soliciting material pursuant to rule 14a-12 under the Exchange Act (17
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/_/ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
/_/ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-(c))
Item 2.05. Costs Associated with Exit or Disposal Activities
On May 3, 2006, the Board of Directors (the "Board") of Handy & Harman
("H&H"), a wholly owned subsidiary of WHX Corporation, approved the closing of
the Norristown, Pennsylvania facility of H&H's wholly-owned subsidiary, Handy &
Harman Tube Company, Inc. ("HHT"). The decision to close the Norristown facility
was principally based on the economics of operating HHT's business at the
facility. HHT currently manufactures stainless steel tubing that is supplied in
various lengths and forms in both coil and straight lengths. HHT's coil business
will be relocated to H&H's Camdel Metals Corporation ("Camdel") facility located
in Camden, Delaware. HHT's non-coil business is being offered for sale and the
real property at the site will also be offered, separately, for sale.
The decision to close the Norristown facility will result in a charge
of up to $1.6 million for termination benefits for up to 84 union employees and
35 salaried employees. Cash expenditures for these termination benefits are
expected to approximate the charge. The Company is currently evaluating the
appropriate period for recognition of the components of these charges. The
Company estimates that operating losses and closure costs will approximate $1.5
million. Estimated cash expenditures related to operating losses and the closure
will be in the range of $2.9 million to $3.1 million and are expected to be
incurred through the end of the year. Accordingly, the estimated total cost
including termination benefits, operating losses and closure costs will be in
the range of $2.9 million to $3.1. In addition, the Company expects to incur
approximately $0.8 million in expenses to relocate aspects of the HHT business
to Camdel. Loss and cash expenditure estimates could vary based upon actual
timing of closure and other factors. HHT expects that the closing of Norristown
and the sale of certain of its assets will be completed by the end of the year.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WHX CORPORATION
Dated: May 9, 2006 By: /s/ Robert K. Hynes
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Name: Robert K. Hynes
Title: Chief Financial Officer
