FOR IMMEDIATE RELEASE

Contact:

     Patricia Sturms
     Abernathy MacGregor Frank
     (212) 371-5999

                       WHX CORPORATION PLACES $350 MILLION
                      SENIOR NOTES AND EXTENDS TENDER OFFER
                  IN CONNECTION WITH HANDY & HARMAN ACQUISITION


                  New York -- March  31,  1998 -- WHX  Corporation  (NYSE:  WHX)
announced today that it has entered into a definitive purchase agreement for the
sale of $350 million principal amount of 10 1/2% Senior Notes due 2005 in a Rule
144A Private Placement to qualified  institutional buyers. The net proceeds from
the  offering  will be used to fund a  portion  of the  purchase  price of WHX's
proposed acquisition of Handy & Harman (NYSE: HNH) and related transactions.  As
previously  announced,  WHX and  Handy  &  Harman  have  entered  into a  merger
agreement under which WHX's  subsidiary,  HN Acquisition  Corp., has commenced a
$35.25 per share cash tender offer for all outstanding shares of Handy & Harman.
The Closing of the Rule 144A Private Placement  offering is expected to occur on
April 7, 1998 and is subject to customary terms and conditions for  transactions
of this type, including the successful  completion of the tender offer for Handy
& Harman shares.

                  WHX also  announced  that in order to  comply  with the  SEC's
requirement  that the tender  offer must remain open for at least five  business
days  following  the  execution  of  the  definitive  purchase  agreement,   the
expiration date of the tender offer has been extended until 12:00 midnight,  New
York City time, on Monday,  April 6, 1998.  The offer was scheduled to expire at
12:00  midnight,  New York City time, on Thursday,  April 2, 1998.  WHX has been
advised by the  depositary  that 825,777  shares of Handy & Harman  common stock
have been tendered into WHX's offer as of the close of business on Monday, March
30, 1998.

                  The 10 1/2%  Senior  Notes due 2005  have not been  registered
under the Securities  Act of 1933, as amended,  or applicable  state  securities
laws,  and may not be offered or sold in the United States  absent  registration
under  the  Securities  Act of 1933  and  applicable  state  securities  laws or
available exemptions from registration requirements.

                  WHX, indirectly through Wheeling-Pittsburgh Steel Corporation,
operates the ninth largest domestic integrated steel business.