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Wheeling-Pittsburgh Corp. recently closed its public offering of 3,650,000 shares of common stock, including 477,602 shares offered on behalf of certain selling shareholders, at a public offering price of $29.00 per share. The underwriters exercised their option to purchase 547,500 additional primary shares of common stock to cover over-allotments, which also closed on September 21, 2004.

UBS Securities LLC acted as sole book-running manager. KeyBanc Capital Markets, a division of McDonald Investments Inc., acted as co-manager for the offering.

Net proceeds of the offering approximated $100.0 million, after the underwriting discount and all expenses. Proceeds were used to repay outstanding indebtedness under its revolving credit facility with the balance to fund ongoing capital expenditures.

"We view this offering as a very positive development for the Company and its stockholders," said James G. Bradley, Wheeling-Pittsburgh's Chairman, President, and CEO. "Through this offering, Wheeling-Pittsburgh significantly strengthened its balance sheet and increased its financial flexibility."

Copies of the final prospectus (dated September 16, 2004), which was filed with the Securities and Exchange Commission, can be obtained from the Prospectus Department of UBS Securities LLC.

Wheeling-Pittsburgh Corp., together with its primary subsidiary, Wheeling-Pittsburgh Steel Corp., is a metal products company with 3100 employees. Its facilities are located in Steubenville, Mingo Junction, Yorkville, and Martins Ferry, Ohio; Beech Bottom and Follansbee, W.Va.; and Allenport, Pa.

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