WHEELING, W.Va., Dec. 15 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh
Corporation (Nasdaq: WPSC) today confirmed CSN's announcement that it has
terminated the merger agreement dated October 24, 2006, between CSN and
Wheeling-Pittsburgh Corporation.
Wheeling-Pittsburgh Corporation Chairman and Chief Executive Officer
James P. Bouchard, commenting on the recent development stated the
following: "Wheeling-Pittsburgh Corporation appreciates the hard work and
interest showed by CSN to improve the prospects of Wheeling-Pitt. CSN will
continue to be a valuable customer and supplier of Wheeling-Pitt in the
near term, and we believe will also be an important commercial partner to
us as we achieve our vision for the future."
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.
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 Steel Corporation
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Related links:
http://www.wpsc.com/
http://www.prnewswire.com/comp/967451.html/
CONTACT:
Jim Kosowski of Wheeling-Pittsburgh Steel
Corporation, +1-304-234-2440
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