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Weirton Steel Granted Bankruptcy
Court Approval to Sell Assets

April 23, 2004 — Weirton Steel Corp.'s request to sell substantially all of its assets to Cleveland-based International Steel Group (ISG) Inc. has been approved by federal bankruptcy court.

"Our employees, our other stakeholders and the Upper Ohio Valley can now breathe a little easier,” said D. Leonard Wise, Weirton Steel CEO. “All the uncertainty and stress during the 11 months of this bankruptcy finally can be put aside. There is great comfort in knowing steelmaking will continue in Weirton.

"Obviously, our legal team and the other attorneys supporting the sale to ISG, did a superb job in proving our position that ISG had the highest and best bid. We knew we needed to present sound evidence that we made the right decision in seeking this sale. It's quite difficult for smaller mills to survive these days. Therefore, as part of ISG, one of the nation's largest steelmakers, Weirton will have greater chance of surviving given the growing worldwide consolidation of steel companies."

Wise said the company decided in February — nine months after filing for bankruptcy protection — to sell its assets after weighing whether or not to reorganize the company and emerge as an independent steelmaker.

"It's true that today, market conditions are better and our liquidity has improved. However, this industry is cyclical and unforeseen equipment problems, coupled with the shortage of coke to make iron, placed too many risks on Weirton's future if it attempted to emerge as an independent company," noted Wise.

"We wish the very best to ISG and to the employees of the ISG-Weirton Plant. This is a good day for the Upper Ohio Valley."

Weirton Steel is the fifth-largest U.S. integrated steel company and the nation's second-largest producer of tin mill products. Weirton Steel began operations in 1909 and currently employs 3,000. The company filed for chapter 11 bankruptcy protection on May 19, 2004.

International Steel Group Inc. is the second largest integrated steel producer in North America, based on its capacity to cast more than 18 million tons of steel products annually (excluding the impact of the Weirton acquisition, which should add about three million additional tons). It ships a variety of steel products from 11 major steel producing and finishing facilities in six states, including hot-rolled, cold-rolled and coated sheets, tin mill products, carbon and alloy plates, rail products and semi-finished shapes serving the automotive, construction, pipe and tube, appliance, container and machinery markets.

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