EXHIBIT 99.1


                                 NEWS RELEASE
                               DECEMBER 7, 2001

                          SHEFFIELD STEEL CORPORATION
                            SAND SPRINGS, OKLAHOMA

For Immediate Release:

As you are aware, the U.S. steel industry has been under significant pressure
from imported steel products, low product pricing and high energy costs.  These
factors, coupled with the reduced demand, have made it very difficult over the
past 18 months.

Consequently, to help us to restructure our balance sheet, Sheffield Steel has
found it necessary to file for reorganization under Chapter 11 of the U.S.
Bankruptcy Code.  The filing includes Sheffield Steel and it's subsidiaries,
Waddell's Rebar Fabricators, Inc. and Wellington Industries, Inc.  Sheffield
Steel intends to continue normal operations and does not foresee any significant
interruption in the shipment of product to our customers.  The support of our
customers, vendors and creditors is paramount to our efforts to emerge as a much
stronger and more viable company.

Sheffield Steel is a mini-mill producer of SBQ and MBQ hot-rolled bar products,
concrete reinforcing bar and fabricated products including fabricated rebar,
steel fence posts and railroad track spikes.  The company's headquarters and
largest manufacturing facility is located in Sand Springs, Oklahoma where it has
an annual billet making capacity of 600,000 tons.  It also has a rolling mill in
Joliet, Illinois and two fabrication shops in the Kansas City area.