EXHIBIT 99.1





                                                             [GENEVA STEEL LOGO]





CONTACT: KEN C. JOHNSEN
President and CEO
Phone:  (801) 227-9321
Fax:  (801) 227-9141

P.O. Box 2500
Provo, Utah 84603





PRESS RELEASE






                      GENEVA STEEL LLC COMMENCES CHAPTER 11
                              BANKRUPTCY PROCEEDING

                    SECURED LENDERS AGREE TO PERMIT ACCESS TO
                       CASH COLLATERAL THROUGH MAY 1, 2002

        VINEYARD, UTAH, JANUARY 25, 2002. On January 25, 2002, Geneva Steel LLC
("Geneva" or the "Company"), a wholly owned subsidiary of Geneva Steel Holdings
Corp (NASDAQ smallcap: GNVH), filed a voluntary petition under Chapter 11 of the
United States Bankruptcy Code. The filing in the United States Bankruptcy Court
for Utah, Central Division, was required by the Company's secured lenders as a
condition to providing continued access to cash proceeds from the sale of
inventory and the collection of accounts receivable. Without such access, the
Company would not have sufficient liquidity to continue its activities and
protect its facilities.

        The Company reached agreement with its secured lenders today for
continued access to cash proceeds through May 1, 2002. Access to cash pursuant
to the agreement, which remains subject to Bankruptcy Court approval, is subject
to compliance with several conditions, including a budget for cash
disbursements. There can be no assurance that the Bankruptcy Court will approve
the agreement, the Company will be able to access cash proceeds






under the agreement, any available cash proceeds will be sufficient to fund
Geneva's activities through May 1 or that the Company will be able to reach any
further agreement for access to cash proceeds or other capital, if any, after
the agreement ends.

        Low-priced steel imports have had a significant negative impact on the
U.S. steel industry and Geneva's order entry volume and pricing. This has been
exacerbated by a weakened domestic economy that has reduced demand for all of
the Company's steel products, contributing to reduced price realization and
shipments of product. Moreover, increases in domestic steel plate production
capacity have intensified plate market competition with respect to both price
and volume.

        In November 2001, the Company announced the temporary shutdown of
substantially all of its production operations due to continuing adverse steel
market conditions, which created liquidity problems for the Company. Since then,
the Company's primary source of liquidity has been proceeds from the sale of
inventory and collection of receivables received pursuant to agreements with its
secured lenders.

        "The combination of several significant adverse market developments,
combined with the requirements of our secured lenders, have caused Geneva's
current liquidity crisis and forced us to seek protection under the Bankruptcy
Code," said Ken Johnsen, president and CEO of Geneva.

        At the time Geneva previously emerged from bankruptcy, many steel
industry observers expected increases in steel pricing and shipments due
primarily to anticipated improvements in the industry's supply situation,
including






decreased inventory levels and reduced imports. Actual pricing and shipments for
Geneva's primary products have, however, been substantially lower than
anticipated because of an unexpected weakening in demand and continued import
pressure. Adverse market conditions were further exacerbated by the events of
September 11th.

        Despite current adversities, Geneva is hopeful that the steel market may
recover during 2002. A number of domestic steel producers have recently
announced price increases for various flat-rolled steel products.

        "We are continuing to pursue alternatives for securing the future of the
Geneva mill," said Joseph Cannon, chairman of Geneva. "This filing gives us the
ability to continue those efforts with the cooperation of our secured lenders."

          This press release contains certain forward-looking statements with
respect to the Company that are subject to risks and uncertainties that include,
but are not limited to, those identified in the Company's press releases or
discussed from time to time in the Company's Securities and Exchange Commission
filings, including the risks identified in the Company's Report on Form 10-Q for
the period ended September 30, 2001 filed November 19, 2001. For example, such
risks and uncertainties include any approval of the Bankruptcy Court of any
arrangements or proposals by Geneva, including the agreement to release cash
collateral; the ability of Geneva to comply with its financing agreements, if
approved, including the agreement to release cash collateral; the availability
of proceeds from collateral for use by the Company; the accessibility of any
cash collateral after May 1, 2002; the Company's ability to maintain sufficient
cash flow and liquidity and the availability and accessibility of financing at
affordable levels for the Company; continued






cooperation of the Company's vendors; the availability of strategic alternatives
for the Company; market conditions for steel, including future pricing and
volume levels, the outcome of trade cases, import levels, demand levels, and
domestic competition; the future ability of the Company to meet the needs of its
customers; the ability of the Company to successfully compete in the steel
industry and the ability to tightly control expenditures.

        Geneva Steel's steel mill is located in Vineyard, Utah. The Company's
facilities can produce steel plate, hot-rolled coil, pipe and slabs for sale
primarily in the western, central and southeastern United States.

                                       END