WHEELING, W.Va., June 27 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh
Corporation (Nasdaq: WPSC) announced today that due to the continued softness
in the flat rolled carbon sheet market, it is revising expected second quarter
shipments from 569,000 to 545,000 tons, and expected production from 654,000
tons to 600,000 tons. Principally as a result of the lost margin and fixed
cost absorption penalties, second quarter operating income is anticipated to
be $9-10 million lower than previously expected. Additionally, not all of the
necessary corporate and external approvals for the joint venture with
Severstal North America involving the Company's Coke Plant, located in
Follansbee, WV, have been obtained. As a result the closing will not occur by
the end of the second quarter.
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.
About Wheeling-Pittsburgh:
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.
SOURCE Wheeling-Pittsburgh 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
Corporation, +1-304-234-2440
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