The Informal Committee of Senior Secured Noteholders of Weirton Steel Corp. has retained International Steel Associates, Inc. and its principal, John Correnti to advise the Committee in its efforts to recapitalize and restructure Weirton Steel. Correnti had previously served as CEO of Nucor Steel and CEO of Birmingham Steel.

Encouraged by the recent increase in worldwide steel prices, the Committee feels that it will be able to submit an offer that will better serve Weirton and its creditors than ISG's bid. With the Committee’s offer, Weirton Steel would remain independent and based in Weirton, W.Va. The Committee’s offer is based on its belief that the upward trend in steel prices has provided an opportunity to improve the company's liquidity situation, brightening long-term prospects, particularly in view of the substantial reductions that could be made to the company's cost structure.

Earlier this week, the U.S. Bankruptcy court for the Northern District of West Virginia ruled that the indenture trustee of the Senior Secured Noteholders may credit bid for Weirton. The court also lowered the bid amount required for other investors to top the International Steel Group, Inc. (ISG) bid for Weirton. In addition, on Monday the Independent Steelworkers Union, Weirton's primary labor union, confirmed to the Bankruptcy Court that it is prepared to negotiate with all potential bidders for Weirton's assets.

Weirton Steel filed its Chapter 11 case on May 19, 2003.