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Wheeling-Pittsburgh Granted
Tax Abatement on EAF

May 24, 2004 — Jefferson County (Ohio) Commissioners have signed an agreement that will provide Wheeling-Pittsburgh Steel Corp. with a 67%, 10-year, tax abatement for its Electric Arc Furnace.

The Enterprise Zone tax abatement on personal property will reduce Wheeling-Pittsburgh Steel's taxes on the EAF investment by $7.5 million in the aggregate over the 10 years that it is in effect. The agreement is the result of negotiations between Wheeling-Pittsburgh Steel and Jefferson County, the Village of Mingo Junction and the Indian Creek School District.

"I would like to thank Jefferson County's Commissioners for their timely action, as well as Mayor John Fabian, Joseph Pierro, Village Administrator, and the Mingo Junction Village Council," said Harry Page, Wheeling-Pittsburgh Steel Vice President of Engineering, Technology and Metallurgy. Page, along with Don Menovich, Property and Tax Accounting Director, led Wheeling-Pittsburgh Steel's negotiating team.

"Our discussion reflected the participants understanding of the serious issues that have faced the steel industry and the importance of reaching an agreement that will help ensure Wheeling-Pittsburgh Steel will complete its evolution into a steel producer using the most modern technology in the world," Page added.

Page noted that Progress Alliance, Jefferson County's economic development agency, and Ohio Governor Bob Taft's Development Department provided crucial assistance throughout the company's discussions. Also providing support for the agreement was U.S. Rep. Bob Ney.

The Electric Arc Furnace will utilize a continuous steelmaking design and be responsible for about half the company's raw steel when it is fully operational during peak business conditions. During business downturns or when scrap prices are high, the EAF could account for 100 percent of the company's raw steel production. Construction of the EAF, which is located at Wheeling Pittsburgh Steel's Mingo Junction Plant, is scheduled for completion this fall.

Wheeling-Pittsburgh Steel Corp. is a metal products company with 3,100 employees in facilities located in Steubenville, Mingo Junction, Yorkville, and Martins Ferry, Ohio; Beech Bottom and Follansbee, W.Va.; and Allenport, Pa. The company's Wheeling Corrugating Division has 12 plants located throughout the United States.

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