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WHEELING-PITTSBURGH CORPORATION ISSUES EARNINGS

 WHEELING-PITTSBURGH CORPORATION ISSUES EARNINGS
 WHEELING, W.Va., April 24 /PRNewswire/ -- Wheeling-Pittsburgh


Corporation (NYSE: WHX) today reported net income of $42,000 on shipments of steel products totaling 518,915 tons for the first quarter of 1992.
 This compares to net income of $750,000 on shipments of steel products totaling 462,659 tons in the first quarter of 1991.
 First quarter 1992 net sales revenue increased 8.2 percent to $241,817,000, compared to net sales revenue of $223,494,000 in the first quarter of the prior year. The increase in sales revenue is due to the 12.2 percent increase in shipping volume, partially offset by a 3.5 percent decrease in average steel sales prices.
 Operating costs increased 9.5 percent compared to the first quarter of the prior year due to the higher volume of tons shipped and higher level of purchased semi-finished steel, partially offset by lower costs for iron ore pellets, purchased scrap and zinc. Depreciation increased by 19.1 percent to $13,893,000, compared to the first quarter of 1991, due to increased amounts of depreciable property and a higher rate of depreciation reflecting a 2.0 percent increase in raw steel production.
 Interest expense totaled $5,619,000 in the first quarter of 1992, a decrease of $3,307,000 compared to the first quarter of 1991. The decrease reflects the effects of 1991 debt refinancings.
 Second quarter results are expected to decline due to a contractual labor rate increase on April 1, while shipments and pricing are anticipated to remain flat.
 WHEELING-PITTSBURGH CORPORATION AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income
 (Unaudited; $ in thousands)
 Quarter Ended March 31 1992 1991
 Net sales $241,817 $223,494
 Operating costs
 Cost of goods sold, adm. & selling exps. 223,225 204,789
 Depreciation 13,893 11,666
 237,118 216,455
 Operating income 4,699 7,039
 Interest expense on debt 5,619 8,926
 Other expenses (income) - net (1,065) (3,264)
 Income before taxes 145 1,377
 Tax provision 103 627
 Net income 42 750
 Income per share of common stock $.00 $.04
 Average common shares outstanding 18,166,713 17,030,065
 Shipments of steel products - tons 518,915 462,659
 Raw steel production - tons 597,731 586,005
 Results are subject to audit and adjustment.
 Notes to Condensed Consolidated Statement of Income (Unaudited)
 (A) The corporation emerged from bankruptcy on Jan. 3, 1991. The corporation adopted "Fresh Start Reporting" in accordance with the American Institute of Certified Public Accountants Statement of Position 90-7, Financial Reporting by Entities in Reorganization under the Bankruptcy Code. The financial statements have been prepared as if the corporation is a new reporting entity.
 (B) The corporation has pre-reorganization tax basis net operating loss (NOL) carryforwards and tax credit carryforwards. Under SOP 90-7, the use of pre-reorganization NOL and tax credit carryforwards to reduce taxes payable are not recognized in the income statement, but are direct additions to equity accounts. The use of NOL carryforwards resulted in additions to equity of $93,000 and $167,000 in the first quarters of 1992 and 1991, respectively.
 -0- 4/24/92
 /CONTACT: R.A. Johnson of Wheeling-Pittsburgh, 304-234-2440/
 (WHX) CO: Wheeling-Pittsburgh Corporation ST: West Virginia IN: MNG SU: ERN


DM-LJ -- PG011 -- 2575 04/24/92 14:53 EDT
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Date:Apr 24, 1992
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