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Final Decision Pending
on Weirton Steel Assets

April 13, 2004 — The bankruptcy court auction of Weirton Steel’s assets concluded earlier today. The fate of the company’s assets is now in the hands of Weirton Steel’s Board of Directors, which is scheduled to meet this afternoon.

Cleveland-based International Steel Group’s February bid of $255 million was recently topped by a $261.2 million offer from the Informal Committee of Senior Secured Noteholders. Cleveland-based ISG and the committee of Weirton Steel’s bondholders were the only bidders. The auction, which began at 2:30 p.m. Monday and was adjourned at 8:00 p.m. the same day, had resumed at 9:00 a.m. this morning.

Weirton Steel’s Board of Directors will now review the two offers then make a recommendation to the bankruptcy judge in Wheeling, W.Va., on Wednesday, April 14. The bankruptcy judge will make a ruling whether or not to approve the sale.

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