WHEELING, W.Va., Sept. 22 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh
Corporation (Nasdaq: WPSC) announced that on September 21, 2004 it closed its
public offering of 3,650,000 shares of common stock, including 477,602 shares
offered on behalf of certain selling shareholders, at a public offering price
of $29.00 per share. Additionally, the underwriters exercised their option to
purchase 547,500 additional primary shares of common stock to cover over-
allotments, which also closed on September 21, 2004.
UBS Securities LLC acted as sole book-running manager and KeyBanc Capital
Markets, a division of McDonald Investments Inc., acted as co-manager for the
offering.
Net proceeds of the offering to the Company approximated $100.0 million,
after the underwriting discount and all expenses. Proceeds were used to repay
outstanding indebtedness under its revolving credit facility with the balance
to fund ongoing capital expenditures.
"We view this offering as a very positive development for the Company and
its stockholders," said James G. Bradley, Wheeling-Pittsburgh's Chairman,
President, and Chief Executive Officer. "Through this offering, Wheeling-
Pittsburgh significantly strengthened its balance sheet and increased its
financial flexibility."
Wheeling-Pittsburgh Corporation, together with its primary subsidiary,
Wheeling-Pittsburgh Steel Corporation, is a metal products company with 3,100
employees. Its facilities are located in Steubenville, Mingo Junction,
Yorkville, and Martins Ferry, OH; Beech Bottom and Follansbee, WV; and
Allenport, PA.
A final prospectus dated September 16, 2004, relating to these securities
was filed with the Securities and Exchange Commission. Copies of this
prospectus can be obtained from UBS Securities LLC, Prospectus Department,
299 Park Avenue, New York, NY 10171 (phone 212-821-3000).
Statements in this release that express a belief, expectation or
intention, as well as those which are not historical fact, are forward
looking. They involve a number of risks and uncertainties, which may cause
actual results to differ materially from such forward-looking statements. For
more information about these risks and uncertainties, please refer to
Wheeling-Pittsburgh Corporation's annual report on Form 10-K for the period
ending December 31, 2003, and other filings, with the Securities and Exchange
Commission.
SOURCE Wheeling-Pittsburgh Corporation
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