WHEELING, W.Va., Dec. 21 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh
Corporation (Nasdaq: WPSC) today announced that it has filed a shelf
registration statement with the Securities and Exchange Commission. This
registration statement, upon being declared effective by the SEC, will allow
the Company to sell, from time to time, up to $125 million, in the aggregate,
of its common stock, preferred stock, stock subscription rights and debt
securities.
These securities may be offered from time to time, separately or together,
in amounts, at prices and on terms set forth in the prospectus contained in
the registration statement, and in one or more supplements to the prospectus.
All of the securities sold in the offering will be sold by the Company, and
proceeds from such sales will be used for the purposes described in the
prospectus and in any prospectus supplement filed at the time of an offering.
As previously disclosed, the Company is experiencing difficulty in
complying with certain financial covenants under its Term Loan Agreement. The
Company is actively engaged in discussions with its term loan lender and
others with respect to a resolution to these covenant issues. The proceeds
from the potential sale of securities under this shelf registration should
afford the Company greater financial flexibility as it seeks a resolution of
this matter.
In connection with the filing of the shelf registration statement, the
Company has also filed a Form 8-K to give effect to adjustments required by
Statement of Financial Accounting Standards No. 123 (R) previously adopted by
the Company.
The registration statement relating to the securities has been filed with
the SEC, but has not yet become effective. The securities may not be sold, nor
may offers to buy the securities be accepted prior to the time the shelf
registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
About Wheeling-Pittsburgh
Wheeling-Pittsburgh is a steel company engaged in the making, processing
and fabrication of steel and steel products. The Company's products include
hot rolled and cold rolled sheet and coated products such as galvanized, pre-
painted and tin mill sheets. The Company also produces a variety of steel
products, including roll formed corrugated roofing, roof deck, floor deck,
culvert bridgeform and other products used primarily by the construction,
highway and agricultural markets.
Statements in this release that contain forward-looking statements are
subject to certain risks and uncertainties that could cause actual results to
differ materially from expectations. Certain of these risks are set forth in
the Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2004, as well as the Company's other reports filed with the Securities and
Exchange Commission.
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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