March 22, 2007 — Wheeling-Pittsburgh Steel Corp. will institute a $53/ton raw materials surcharge on orders scheduled for April shipment. The surcharge takes effect April 1, 2007.

To calculate the surcharge, Wheeling-Pittsburgh Steel will subtract its surcharge baseline of $295 from the AMM Pittsburgh No. 1 Busheling price and multiply that figure by the percentage of its combined scrap content for both its BOF and EAF operations. Current scrap content of the combined steel production is 70% and can change based upon operations. The base period for scrap surcharge calculations will be February 20, 2007.

"The continued volatility of steel scrap has made it necessary for Wheeling-Pittsburgh to develop a methodology for administering a scrap surcharge," said Thomas E. Mihelcic, Vice President—Commercial. "We believe our calculation provides a fair way for Wheeling-Pittsburgh to capture the growing portion of our production that is influenced by the highly volatile scrap market."

The company says that it has taken all steps necessary to control costs and still provide its customers with a high-quality product. Scrap represents an increasingly large percentage of the company's raw materials mix as it moves closer toward minimill-type steel production.

Wheeling-Pittsburgh was organized as a Delaware corporation on June 27, 1920 under the name Wheeling Steel Corp. Headquartered in Wheeling, W.Va., the company has major production facilities in the Upper Ohio and Monongahela valleys. Wheeling-Pittsburgh is a holding company that, together with its several subsidiaries and joint ventures, produces steel and steel products using both integrated and electric arc furnace technology. The company has slab-making production capacity of 2.8 million short tons and hot-rolling capacity of 3.4 million tons. Approximately 65% of its sales are comprised of high value-added products.