Following Election Results Certification and Installation of New Directors,
Bouchards Elected to Leadership Posts; Set Transition Agenda for Wheeling-
Pitt's Future
WHEELING, W.Va., Dec. 1 /PRNewswire-FirstCall/ -- The newly installed
board of directors for Wheeling-Pittsburgh Corporation (Nasdaq: WPSC)
("Wheeling-Pitt"), today announced that James P. Bouchard has been elected
Chairman and CEO of Wheeling-Pittsburgh Corporation, effective immediately.
The board of directors also named Craig T. Bouchard, 53, President and
Vice Chairman of Wheeling-Pittsburgh Corporation.
Bouchard, 45, was appointed immediately after certification of the vote
of the annual meeting of shareholders was received late yesterday. The
directors nominated by Esmark Incorporated received an overwhelming
majority of more than 67 percent at the annual meeting of shareholders held
on November 17, 2006. The newly installed board of directors include:
- C. Frederick Fetterolf, former President of Alcoa;
- James A. Todd, former CEO of Birmingham Steel (now part of Nucor)
- Albert G. Adkins, former Chief Financial Officer of Marathon Oil and
Treasurer of U.S. Steel;
- Clark Burrus, former Controller of the City of Chicago;
- George Munoz, former Chief Financial Officer of the United States
Treasury and CEO of Overseas Private Investment Corporation;
- James V. Koch, President Emeritus of Old Dominion University and former
President of The University of Montana;
- Joseph Peduzzi, a highly regarded investor and risk manager;
- James Bowen, former president of the West Virginia AFL-CIO;
- Lynn R. Williams, former President Emeritus of United Steelworkers.
Bouchard said he was honored to lead the management team charged with
rebuilding Wheeling-Pitt into a financially-sound, well-diversified and
profitable steel company. "It's my personal mandate to provide the
leadership and commitment to re-energize our employees and work with the
shareholders of Wheeling-Pitt, our employees, the United Steelworkers and
the Ohio Valley communities to position Wheeling-Pitt for future growth and
prosperity. I greatly look forward to that challenge."
Bouchard added, "Our transition efforts with Wheeling-Pitt have been
underway for several weeks and we have already started the rebuilding
process. As part of that process we want all of our constituencies, but
especially our valued customers, to know that we remain committed to
providing quality products and customer service and we believe any changes
that will be made will only improve our business. We also want to reassure
our employees that we will take steps to rebuild Wheeling-Pitt into a
profitable and successful company, but our new team cannot do it alone --
we need the continued dedication and help of our great employees. We look
forward to communicating our plans with our employees, customers and
suppliers in the weeks and months ahead."
About Wheeling-Pittsburgh:
Wheeling-Pittsburgh was organized as a Delaware corporation on June 27,
1920 under the name Wheeling Steel Corporation. Its headquarters is located
in Wheeling, WV, with major production facilities in the Upper Ohio and
Monongahela valleys. Wheeling-Pittsburgh is a holding company that,
together with its several subsidiaries and joint ventures, produces steel
and steel products using both integrated and electric arc furnace
technology. The Company has slab making production capacity of 2.8 million
short tons and hot rolling capacity of 3.4 million short tons.
Approximately 65 percent of its sales are comprised of high value-added
products.
Mr. Bouchard's comments in this release are solely in his capacity as
Chairman and CEO of Wheeling-Pittsburgh Corporation and not in any other
capacity.
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 "Item 1A - Risk Factors" section of the
Company's Annual Report on Form 10-K for the year ended December 31, 2005,
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. In addition, any forward-looking statements
represent Wheeling-Pittsburgh Corporation's views only as of today and
should not be relied upon as representing the Company's views as of any
subsequent date. While Wheeling-Pittsburgh Corporation may elect to update
forward-looking statements from time to time, the Company specifically
disclaims any obligation to do so.
SOURCE Wheeling-Pittsburgh Corporation
 back to top
Related links:
http://www.wpsc.com
http://www.prnewswire.com/comp/967451.html /
CONTACT:
Jim Kosowski of Wheeling-Pittsburgh
Corporation, +1-304-234-2440
|
