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Wheeling-Pittsburgh Steel Corp. announced that effective July 8, 2005, it refinanced its revolving credit facility primarily with its current lenders.

The facility was led by Royal Bank of Canada and GE Commercial Finance, as agents, and was renewed at a commitment amount of $225 million for a four-year term. The new facility provides for increased borrowing advance rates on certain collateral, and lower borrowing and unused line fee rates, among other improvements.

"We are pleased that our banks have recognized the improved credit profile of Wheeling-Pitt and the value of our new unique hybrid steel producer operating configuration," said Michael P. DiClemente, Treasurer. "The enhancements to the credit agreement will allow us to realize reductions in interest expense and fees, and provide us with a working capital facility for approximately three years beyond our prior arrangement."

Wheeling-Pittsburgh Steel Corp., a wholly owned subsidiary of Wheeling-Pittsburgh Corp., is engaged in the making, processing and fabrication of steel and steel products using both integrated and electric arc furnace technology. The company's products include hot rolled and cold rolled sheet and coated products such as galvanized, pre-painted and tin mill sheet. The company also produces a variety of steel products including roll formed corrugated roofing, roof deck, floor deck, bridgeform and other products used primarily by the construction, highway and agricultural markets.

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