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Weirton Steel Auction Date
Coming up Next Week

April 10, 2004 — The bankruptcy court presiding over Weirton Steel’s chapter 11 bankruptcy case entered a “Procedures Order” that governs the auction process for the company’s production facility and related assets.

Written bids conforming to the Procedures Order were to be submitted to Weirton Steel’s legal counsel by April 6. Weirton Steel’s management and legal counsel were to review all submitted bids on April 7, 8 and 9 to determine if they meet the Procedures Order criteria and qualify for the auction. Weirton Steel was to notify bidders in writing on April 9 as to whether or not they qualify for the auction.

The auction will be held April 12 at the law offices of Weirton Steel’s bankruptcy legal counsel. The Procedures Order establishes that the auction is not a public auction. Following the auction, Weirton Steel’s management will determine which bid is the highest and best.

Weirton Steel’s legal counsel will present the recommended bid to the bankruptcy court in Wheeling, W.Va. on April 14, and seek court approval of the recommended bid. The judge is expected at the hearing to make a decision on whether or not the recommended bidder will purchase Weirton Steel’s assets.

“We realize there is a lot of interest in the number of bidders, their bid prices and who they are. However, based on the procedures, it would be inappropriate to reveal this information at this time. We must take several days to review the bids to determine if they even qualify for the auction. We will announce our recommendation to the court following next week’s auction,” said D. Leonard Wise, Weirton Steel’s CEO.

Weirton Steel is the fifth-largest U.S. integrated steel company and the nation’s second largest producer of tin mill products.

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