WHEELING, W.Va., May 3 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh Steel
Corporation (Nasdaq: WPSC) today announced that it will permanently idle its
No. 1 Blast Furnace on Thursday, May 5, 2005. The shutdown will end more than
100 years of service by one of the oldest blast furnaces running in the United
States. The Company will continue to operate its No. 5 blast furnace, along
with its new Consteel(R) Electric Arc Furnace, to produce steel for its caster
and hot strip mill.
The shutdown comes as Wheeling-Pittsburgh Steel has transformed itself
into the only steel company engaged in the making, processing and fabrication
of steel and steel products using both integrated and EAF technology. Its
Consteel furnace produced its first heat on Nov. 29, 2005. Hot metal charging
was introduced into the furnace last week, making it the only EAF in the
Western Hemisphere to adopt this practice.
"With the charging of hot metal into our Consteel EAF and the shut down of
our No. 1 Blast Furnace, Wheeling-Pittsburgh Steel has crossed another
important threshold toward its transformation into a modern 21st Century
steelmaker," said James G. Bradley, Chairman and CEO. "We are just beginning
to see the benefits of our long-term strategy of combining integrated and EAF
technology."
With current production levels from the EAF and sustained use of its No. 5
Blast Furnace and basic oxygen furnace, Wheeling-Pittsburgh will have ample
capacity to serve its steel customers.
The entire Wheeling-Pittsburgh Steel EAF team has done an outstanding job
of ramping up production of the world's largest Consteel EAF," said Don
Keaton, Vice President of Steel Manufacturing and Procurement. "We are
beginning to take advantage of the Consteel EAF's full range of unique
capabilities as we continue to successfully ramp up its production.
"I would also like to congratulate the No. 1 Blast Furnace team for
keeping one of the oldest blast furnaces in the country operating at high
production rates. It speaks highly of their expertise, as well as the care and
dedication of the generations of employees who operated and maintained No. 1
for more than 100 years," Keaton added.
The No. 1 Blast Furnace began operating in 1899 as part of the LaBelle
Iron Works. It is located at Wheeling-Pittsburgh Steel's Steubenville, OH,
Plant.
About Wheeling-Pittsburgh Steel:
Wheeling-Pittsburgh is a steel company engaged in the making, processing
and fabrication of steel and steel products using both integrated and electric
arc furnace technology. The Company's products include hot rolled and cold
rolled sheet and coated products such as galvanized, pre-painted and tin mill
sheet. The Company also produces a variety of steel products including roll
formed corrugated roofing, roof deck, floor deck, bridgeform and other
products used primarily by the construction, highway and agricultural markets.
This release may contain projections or other forward-looking statements
regarding future events or the future financial performance of Wheeling-
Pittsburgh Corporation that involve risks and uncertainties. Readers are
cautioned that these forward-looking statements are only predictions and may
differ materially from actual future events or results. Readers are referred
to the "Business -- Risk Factors" section of the Company's Annual Report on
Form 10-K for the year ended December 31, 2004, and other reports and filings
with the SEC, which identify important risk factors that could cause actual
results to differ from those contained in the forward-looking statements.
SOURCE Wheeling-Pittsburgh Steel Corporation
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Related links:
http://www.wpsc.com
Company News On-Call:
http://www.prnewswire.com/comp/967451.html
CONTACT:
Jim Kosowski of Wheeling-Pittsburgh Steel
Corporation, +1-304-234-2440
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