WHEELING, W.Va., March 31 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh
Steel Corporation, a subsidiary of Esmark Incorporated (Nasdaq: ESMK),
today announced its intentions to close the Allenport, Pennsylvania
cold-rolled production facility and idle two of the three galvanizing lines
located at its Martins Ferry, Ohio steel processing plant. The subsidiary
has commenced issuing notice of these planned actions today under the
Worker Adjustment and Retraining Notification Act. These actions are
consistent with the Company's restructuring plans first announced in
November, 2007.
About Esmark Incorporated
Esmark Incorporated is a vertically integrated steel producer and
distributor, combining steel production capabilities through both blast
furnace and electric arc furnace technologies with the just-in-time
delivery of value-added steel products to a broad customer base
concentrated in the Ohio Valley and Midwest regions. More information about
Esmark can be found at http://www.esmark.com.
Wheeling-Pittsburgh Steel Corporation, a wholly owned subsidiary of
Esmark Incorporated, is a producer of carbon flat-rolled products for the
construction, container, appliance, converter/processor, steel service
center, automotive and other markets. The company's products include
various sheet products such as hot-rolled, cold-rolled, hot-dipped
galvanized, electro- galvanized, black plate and electrolytic tinplate.
More information about Wheeling-Pittsburgh Steel Corporation can be found
at http://www.wpsc.com.
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties that could cause
actual results to differ materially. These risks and uncertainties include,
among others, factors relating to (i) risks associated with the closure of
the Company's Allenport, Pennsylvania facility and the idling of two of its
three galvanizing lines located at its Martins Ferry, Ohio steel processing
plant, including the risk that the cost of the projects will exceed
expectations and (ii) certain other risks detailed in the other reports and
filings with the SEC by the Company, which identify important risk factors
that could cause actual results to differ from those contained in the
forward-looking statements. In addition, any forward-looking statements
represent the Company's views only as of today and should not be relied
upon as representing views as of any subsequent date. While the Company may
elect to update forward-looking statements from time to time, it
specifically disclaims any obligation to do so.
SOURCE Wheeling-Pittsburgh Steel Corporation
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Related links:
http://www.wpsc.com
http://www.esmark.com
http://www.prnewswire.com/comp/967451.html /
CONTACT:
Financial Communities, Dennis Halpin of
Wheeling-Pittsburgh Steel Corporation, +1-304-234-2421, cell,
+1-304-650-6474, dhalpin@esmark.com; or Media, Bill Keegan of
Edelman for Wheeling-Pittsburgh Steel Corporation,
+1-312-927-8424, or +1-312-927-8424
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