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Weirton Steel to Recommend ISG Bid

April 16, 2004 — Weirton Steel's Board of Directors approved a recommendation by its executive management that Cleveland-based International Steel Group's offer be presented to Bankruptcy Court Judge L. Edward Friend II next Tuesday.

The approval comes two days after the auction concluded involving the ISG offer and a bid from the Informal Committee of Secured Noteholders.

"After a long and detailed examination of both bids for our assets, we decided that ISG has the highest and best bid that complies with applicable legal standards for submission to the court for the approval of the sale," said D. Leonard Wise, Weirton Steel chief executive. "At this time, we will not discuss the details of the two bids. We will hold that disclosure until the sale hearing in court on Tuesday."

Mark Glyptis, Independent Steelworkers Union president, added, "The board's decision ends nearly a year of speculation and stress for our employees and the community. The brighter future I've often spoke of is now within our grasp. "We must keep an integrated steel mill in Weirton. It means so much to so many people and this valley. We eagerly await Judge Friend's decision and we are more than ready to do what we do best — making the highest quality steel products."

With the Board’s approval, Weirton Steel will now recommend to the bankruptcy judge at the hearing scheduled for Tuesday, April 19, that the sale of the company's assets to ISG is approved. Several conditions imposed by the Board must be satisfied prior to a closing of any transaction.

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.

Weirton Steel is the fifth-largest U.S. integrated steelmaker and the nation's second-largest producer of tin mill products. The company filed for chapter 11 bankruptcy protection in the federal bankruptcy in Wheeling, W.Va., on May 19, 2003.

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