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WCI Steel Files Plan of Reorganization

April 21, 2004 — WCI Steel, Inc. has filed a Plan of Reorganization in the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division. The Plan has already been approved by the company's independent board of directors.

The reorganization plan, which will enable WCI to emerge from bankruptcy, is subject to approval by the bankruptcy court and a vote of creditors and other stakeholders.

An integral component of WCI's reorganization plan is the tentative labor agreement reached April 14 with the United Steelworkers of America. The proposed contract must be ratified by USWA Local 1375 members and approved by the bankruptcy court in connection with the reorganization plan.

Patrick G. Tatom, WCI's President and CEO, said the new labor pact was reached after two months of negotiations involving WCI, the USWA and The Renco Group, Inc., WCI's ultimate parent company. "This agreement is a significant milestone in our reorganization efforts and represents the strong commitment of The Renco Group to WCI's future," he said.

The labor contract would become effective upon WCI's emergence from bankruptcy.

"We're extremely pleased that the USWA has pledged its support for WCI's Plan of Reorganization and will work with the company to obtain prompt approval from the bankruptcy court," Tatom added.

WCI is an integrated steelmaker producing more than 185 grades of custom and commodity flat-rolled steel at its Warren, Ohio facility. WCI products are used by steel service centers, convertors and the automotive and construction markets. The company, which has approximately 1700 employees, filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code on Sept. 16, 2003.

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