Weirton Steel Corporation Approves International Steel Group's Bid
16 April 2004 - 10:39AM
PR Newswire (US)
Weirton Steel Corporation Approves International Steel Group's Bid
CLEVELAND, April 15 /PRNewswire-FirstCall/ -- International Steel
Group Inc. announced today that its bid to purchase substantially
all of Weirton Steel Corporation's assets has been approved by the
Board of Directors of Weirton Steel Corporation. A hearing is
scheduled for April 20 in Wheeling, West Virginia, to obtain final
approval of the sale from the United States Bankruptcy Court. The
addition of Weirton is expected to increase ISG's annual
steel-making capacity by approximately 3 million tons. Rodney B.
Mott, ISG's President and Chief Executive Officer said, "We are
excited about working with the International Steelworkers Union and
adding the Weirton workforce and facilities to our team as ISG
continues to strengthen its position as a leader in the steel
industry." About International Steel Group Inc. International Steel
Group Inc. is the second largest integrated steel producer in North
America, based on steelmaking capacity. The company has the
capacity to cast more than 18 million tons of steel products
annually, excluding the impact of the Weirton acquisition. It ships
a variety of steel products from 11 major steel producing and
finishing facilities in six states, including hot-rolled,
cold-rolled and coated sheets, tin mill products, carbon and alloy
plates, rail products and semi-finished shapes serving the
automotive, construction, pipe and tube, appliance, container and
machinery markets. About Weirton Steel Corporation Weirton Steel is
the fifth largest U.S. integrated steel company and the nation's
second largest producer of tin mill products. On May 19, 2003,
Weirton Steel filed a voluntary petition for reorganization under
Chapter 11 of the U.S. Bankruptcy Code. Forward-Looking Statements
Statements in this release that are not historical facts, including
statements accompanied by words such as "will," "believe,"
"expect," "estimate," or similar terms, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward- looking statements involve risks and
uncertainties that may cause actual results or events to differ
materially from those expressed or implied in such statements.
These statements contain time-sensitive information that reflects
management's best analysis only as of the date of this release. ISG
does not undertake any ongoing obligation, other than that imposed
by law, to publicly update or revise any forward-looking statements
to reflect future events, information or circumstances that arise
after the date of this release. Factors that may cause actual
results and performance to differ materially from those in the
forward-looking statements include, but are not limited to,
negative overall economic conditions or conditions in the markets
served; competition within the steel industry; actions by domestic
and foreign competitors; changes in availability or cost of raw
materials, energy or other supplies; and labor issues affecting the
Company's workforce or the steel industry generally. Further
information concerning issues that could materially affect
financial performance related to forward-looking statements can be
found in ISG's Annual Report on Form 10-K for year ended December
31, 2003 filed with the Securities and Exchange Commission.
DATASOURCE: International Steel Group Inc. CONTACT: Brian Kurtz,
Vice President, Finance & Treasurer, International Steel Group
Inc., +1-330-659-9100
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