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WEIRTON STEEL ISSUES STATEMENT

 WEIRTON, W.Va., Nov. 9 /PRNewswire/ -- Weirton Steel Corporation (NYSE: WS) today announced that its board of directors has decided not to hold the special meeting of stockholders scheduled for Nov. 11, 1993.
 Herbert Elish, chairman and CEO, said the special meeting had been called to increase the company's authorized shares of common stock by 60 million shares, with 30 million of such shares for sale in bona fide public offerings and 30 million for issuance to employee plans.
 In making the announcement, Elish stated, "There has been substantial confusion among the company's employees about the implications of the proposal and the extent to which employee ownership will be affected. The situation has been further compounded by the recent expiration of the labor contract. This confusion was evidenced by the fact that only about one-third of the company's ESOP participants have voted on the proposal.
 "The board, as well as most of the employees, continues to believe that the sale of common stock by Weirton Steel to the public is essential to the financial viability of the company. The board intends to continue discussions with the employees and resubmit a proposal for an increase in authorized common stock to the stockholders in the near future," said Elish.
 Elish further stated he believes that after the company and its employee representatives have had adequate opportunity to re-assess and discuss the proposed authorization and resolve related issues, the employee-stockholders and ESOP participants will support an increase in authorized common stock which would lead to a public offering.
 -0- 11/9/93
 /CONTACT: Richard W. Garan, director, media and investor relations, of Weirton Steel, 304-797-2728/
 (WS)


CO: Weirton Steel Corporation ST: West Virginia IN: MNG SU:

KC-DM -- PG013 -- 2436 11/09/93 16:37 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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