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WHEELING-PITTSBURGH CORPORATION REPORTS RESULTS

 WHEELING-PITTSBURGH CORPORATION REPORTS RESULTS
 WHEELING, W.Va., July 29 /PRNewswire/ -- After five consecutive


profitable quarters, Wheeling-Pittsburgh Corporation (NYSE: WHX) reported a 1992 second quarter net loss of $9,577,000 on steel product shipments totaling 516,685 tons, the company said today.
 This compares to net income of $1,718,000 on shipments of steel products totaling 581,195 tons in the second quarter of 1991.
 Second quarter 1992 shipments to domestic customers increased by 9.1 percent from 473,612 tons in the 1991 second quarter. "Although export shipments amounted to 18.5 percent of 1991 second quarter business," said Robin Chenery, Wheeling-Pittsburgh Steel's chairman and chief executive officer, "significant reductions in sales prices available through export markets discouraged 1992 export activity."
 Second quarter 1992 net sales revenue decreased by 7.4 percent to $235,212,000, compared to net sales revenue of $254,109,000 in the second quarter of last year. The decrease in sales revenue is due to an 11.1 percent decline in shipments and a 4.1 percent decrease in domestic steel prices, partially offset by a higher-priced product mix.
 Quarterly raw steel production increased by 2.6 percent to 600,061 tons. Operating costs decreased 3.1 percent compared to the second quarter of 1991 due to lower volume of tons shipped, but were partially offset by higher employment and depreciation expenses.
 Interest expense in the second quarter of 1992 totaled $5,522,000, compared to $5,502,000 in the second quarter of 1991.
 Six months 1992 net loss totaled $9,535,000 on steel product shipments of 1,035,600 tons. During the first six months of 1991 net income totaled $2,468,000 on 1,043,854 tons shipped, including 116,048 tons of export shipments.
 First half net sales revenue decreased less than 1 percent to $477,029,000 from $477,603,000 in the first half of 1991. Shipments of steel products decreased 1 percent compared to the first half of last year. The change in net sales revenues reflects a 4.6 percent decline in domestic steel prices, partially offset by a higher-priced product mix.
 Chenery added, "Although sufficient orders continue to support full plant production levels, relief from unacceptably low steel prices is not anticipated in the third quarter. Consequently, after reviewing every aspect of our business, we have initiated Business Improvement Today, a positive plan to support and enhance overall cost control and business performance in the Wheeling-Pittsburgh of today...and tomorrow."
 WHEELING-PITTSBURGH CORPORATION AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income
 (Unaudited; $ in thousands)
 Period Ended Quarter Six Months
 June 30 1992 1991 1992 1991
 Net sales $235,212 $254,109 $477,029 $477,603
 Operating costs
 Cost of goods sold, adm.
 & selling exps. 226,216 236,875 449,441 441,664
 Depreciation 14,062 11,101 27,955 22,767
 240,278 247,976 477,396 464,431
 Oper. inc. (loss) (5,066) 6,133 (367) 13,172
 Int. exp. on debt 5,522 5,502 11,141 14,428
 Other expenses (income)
 - net (908) (1,360) (1,973) (4,624)
 Income (loss) before
 taxes (9,680) 1,991 (9,535) 3,368
 Tax provision (103) 273 0 900
 Net income (loss) (9,577) 1,718 (9,535) 2,468
 Income (loss) per share
 of common stock $(0.53) $.10 $(0.53) $.14
 Average common shares
 outstanding 18,197,522 17,030,065 18,182,117 17,030,065
 Shipments of steel
 products - tons 516,685 581,195 1,035,600 1,043,854
 Raw steel production
 - tons 600,061 584,894 1,197,792 1,170,899
 Results are subject to audit and adjustment.
 -0- 7/29/92
 /CONTACT: R.A. Johnson of Wheeling-Pittsburgh Corporation, 304-234-2440/
 (WHX) CO: Wheeling-Pittsburgh Corporation ST: West Virginia IN: MNG SU: ERN


DM-SM -- PG008 -- 4699 07/29/92 14:50 EDT
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Date:Jul 29, 1992
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