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WHEELING-PITTSBURGH CORPORATION REPORTS FIRST QUARTER EARNINGS

 WHEELING, W.Va., May 3 /PRNewswire/ -- Wheeling-Pittsburgh Corporation (NYSE: WHX) reported a return to operating profitability in the 1993 first quarter with operating income of $1,298,000.
 The company reported a net loss of $2,802,000, or 15 cents per share of common stock, on shipments of steel products totaling 547,781 tons for the quarter compared to net income of $42,000, or less than 1 cent per share of common stock, on shipments of steel products totaling 518,915 tons in the first quarter of 1992.
 First quarter 1993 net sales decreased 2.5 percent to $235,714,000, compared to net sales of $241,817,000 in the first quarter of 1992. The decrease in sales reflects a 7.7 percent decrease in average steel sales prices, partially offset by a 5.6 percent increase in shipping volume.
 Operating costs declined by 6.3 percent from $457 per ton shipped to $428 per ton shipped, principally due to a $25 per ton reduction in cost of goods sold and lower selling and administrative expenses. The reduction in cost of goods sold reflected shipment of a lower value-added product mix and lower raw material and manufacturing costs, as higher labor rates were offset by improved productivity. Raw steel capacity utilization was 99.0 percent.
 As previously announced, the company sold 7,000,000 shares of common stock on April 8, 1993. The underwriters exercised an option to purchase an additional 1,050,000 shares of common stock on April 12, 1993. The company used the net proceeds of approximately $65.3 million to pay down borrowings under its Revolving Credit Facility.
 Results for the second quarter of 1993 are expected to continue to improve based on anticipated higher volume of shipments, partial realization of announced price increases and lower interest expense.
 WHEELING-PITTSBURGH CORPORATION AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income
 (Unaudited; $ in thousands)
 Quarter Ended March 31 1993 1992
 Net sales $235,714 $241,817
 Operating costs
 Cost of goods sold 205,109 206,943
 Depreciation 14,816 13,893
 Selling and administrative expense 14,491 16,282
 234,416 237,118
 Operating income 1,298 4,699
 Interest expense on debt 6,123 5,619
 Other expenses (income) - net (643) (1,065)
 Income (loss) before taxes (4,182) 145
 Tax provision (benefit) (1,380) 103
 Net income (loss) (2,802) 42
 Income (loss) per share of common stock $(.15) $.00
 Average common shares outstanding 18,211,281 18,166,713
 Shipments of steel products - tons 547,781 518,915
 Raw steel production - tons 585,980 597,731
 Results are subject to audit and adjustment.
 Notes to Condensed Consolidated Statement of Income (Unaudited)
 (A) The company adopted Statement of Financial Accounting Standard No. 109, "Accounting for Income Taxes," ("SFAS 109") as of Jan. 1, 1993. SFAS 109 requires financial statements to reflect deferred income taxes for the future tax consequences of events recognized in different years for financial reporting and tax reporting purposes. There was no effect on first quarter results of operations.
 -0- 5/3/93
 /CONTACT: Gregg Warren of Wheeling-Pittsburgh, 304-234-2440/
 (WHX)


CO: Wheeling-Pittsburgh Corporation ST: West Virginia IN: MNG SU: ERN

DM-KC -- PG008 -- 3648 05/03/93 09:58 EDT
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Publication:PR Newswire
Date:May 3, 1993
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