WHEELING, W.Va., Dec. 23 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh
Steel Corporation restarted production from its Basic Oxygen Furnace (BOF)
facility Wednesday, Dec. 22, about 12 days after it was curtailed following a
collapse of ductwork and associated equipment at the BOF facility.
With a BOF vessel in service and with the ability to produce steel using
its new Electric Arc Furnace (EAF), the Company expects to achieve production
levels that closely approximate those before the incident occurred. The EAF
has produced 30 heats, or approximately 7,500 tons of steel while the BOF was
offline.
The impact of lost production on shipments is expected to be spread over
the months of December, January and February, while cost impacts will
predominantly affect December. The Company is currently evaluating and
quantifying these costs, including the extent of insurance coverage.
"Our employees worked diligently to restore BOF production as quickly as
they did," said James G. Bradley, Chairman, President and CEO of Wheeling-
Pittsburgh. "We were fortunate to have commissioned the EAF just 11 days prior
to the incident and to have its production ramp up more quickly than targeted
by its manufacturer. We expect to complete repairs to our standby BOF vessel
over the next eight to ten weeks."
Wheeling-Pittsburgh Steel Corporation is a metal products company with
approximately 3,100 employees. It has facilities in Steubenville, Mingo
Junction, Yorkville and Martins Ferry, OH; Beech Bottom and Follansbee, WV;
and Allenport, PA.
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 Steel Corporation
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CONTACT:
Jim Kosowski, Wheeling-Pittsburgh Steel
Corporation, +1-304- 234-2440
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