March 15, 2006 — Wheeling-Pittsburgh Corp., the holding company of Wheeling-Pittsburgh Steel Corp., reported a net loss of $23.4 million on net sales of $370.9 million for the fourth quarter of 2005, and a net loss of $33.8 million on net sales of $1,560.5 million for the year ended December 31, 2005.

Fourth Quarter Results—The $23.4 million net loss ($(1.61) per basic and diluted share) compares with net income of $6.4 million ($.46 per basic share and $.45 per diluted share) in the fourth quarter of 2004. Net sales of $370.9 million compare to net sales of $373.7 million for the fourth quarter of 2004. Net sales of steel products totaled $356.0 million on steel shipments of 527,336 tons ($675 per ton), which compares to net sales of steel products totaling $373.7 million on steel shipments of 502,684 tons ($743 per ton) for the fourth quarter of 2004.

Cost of sales totaled $365.6 million as compared to cost of sales of $336.4 million for the fourth quarter of 2004. Cost of sales for steel products sold totaled $354.8 million ($673 per ton), which compares to cost of sales for steel products sold totaling $336.4 million ($669 per ton) in the fourth quarter of 2004.

Full Year Results—The $33.8 million net loss ($(2.37) per basic and diluted share) compares to net income of $62.2 million ($5.78 per basic share and $5.66 per diluted share) for 2004. Net sales of $1,560.5 million compares to net sales of $1,405.8 million for 2004. Net sales of steel products totaled $1,484.7 million on steel shipments of 2,164,404 tons ($686 per ton), which compares to net sales of steel products totaling $1,405.8 million on steel shipments of 2,125,434 tons ($661 per ton) for 2004. The increase in net sales resulted from an increase in the average selling price of steel products of $25 per ton, an increase in the volume of steel products sold and $75.8 million from the sale of excess raw materials.

Cost of sales totaled $1,479.5 million, which compares to cost of sales of $1,206.8 million for 2004. Cost of sales for steel products sold totaled $1,434.3 million ($663 per ton), which compares to cost of sales of $1,209.6 million for steel products sold in 2004 ($569 per ton). The increase in the cost of steel products sold of $224.7 million, or $94 per ton, resulted principally from an increase in the cost of raw materials and fuels used in our steelmaking process.

Management Comments—"Our 2005 results were adversely affected by a number of unusual items: namely, the lingering effects of the BOF ductwork collapse in December 2004, the startup of our new Electric Arc Furnace, and the failure of our primary coal supplier to perform under its supply contract, as well as by significant increases in the cost of raw materials and fuels," said James G. Bradley, Wheeling-Pittsburgh Chairman and CEO.

"We have been working on a substantial insurance claim related to the ductwork collapse throughout 2005. The property damage portion of the claim was satisfactorily resolved and progress has been made with regard to the business interruption portion as we continue to work toward a resolution. Recent performance of our EAF has improved, with production approaching 90% of capacity, compared with 73% during the fourth quarter. Lastly, while deliveries from our primary coal supplier have improved since the filing of the lawsuit in April 2005, deliveries have remained erratic."

Financial Matters—On March 10, 2006, the company reached agreement with both the lenders under its term loan agreement and the Emergency Steel Loan Guarantee Board, the Federal loan guarantor, to waive compliance with the leverage, interest coverage and fixed charge coverage ratios under its term loan agreement through the quarter ending June 30, 2007. The term loan amendment requires the company to maintain minimum borrowing availability of at least $50 million under its revolving credit agreement at all times or to comply with a minimum fixed charge coverage ratio, similar to the existing provision in its revolving credit agreement, as well as post a standby letter of credit in the amount of $12.5 million in favor of the term loan lenders, among other things. As a result, the long-term portion of the term loan that was previously classified as a current liability has been reclassified to long-term.

Wheeling-Pittsburgh is a steel company engaged in the making, processing and fabrication of steel and steel products using both integrated and electric arc furnace technology. The company manufactures and sells hot rolled, cold rolled, galvanized, pre-painted and tin mill sheet products. The company also produces a variety of steel products including roll formed corrugated roofing, roof deck, floor deck, bridgeform and other products used primarily by the construction, highway and agricultural markets.