Aug. 9, 2006 — Wheeling-Pittsburgh Corp. reported net income of $9.3 million on net sales of $493.9 million for the quarter ended June 30, 2006.

Second Quarter Results—The $9.3 million net income ($0.64 per basic share and $0.63 per diluted share) compares to net income of $2.6 million ($0.18 per basic share and diluted share) for second quarter of 2005.

Net sales of $493.9 million compare to net sales of $415.2 million for the second quarter of 2005. Results included $15.0 million and $27.0 million, respectively, from the sale of excess raw materials; 2005 results included $27.0 million from the sale of excess raw materials.

Cost of sales totaled $445.4 million as compared to cost of sales of $386.0 million for the second quarter of 2005. Cost of sales included the cost of excess raw materials sold of $11.5 million and was reduced by a $0.6 million insurance recovery applicable to prior year claims. Cost of sales for the second quarter of 2005 included the cost of excess raw materials sold of $14.8 million.

Sales of Steel Products— Net sales of steel products totaled $478.9 million on steel shipments of 667,944 tons, or $717 per ton. For the second quarter of 2005, net sales of steel products totaled $388.2 million on steel shipments of 546,688 tons, or $710 per ton. The company attributes the increase in net sales to an increased volume of steel products sold and an increase in the average selling price of steel products of $7 per ton, offset by a decrease in the sale of excess raw materials.

Cost of sales of steel products totaled $434.5 million ($651 per ton), which compares to $371.2 million ($679 per ton) cost of sales of steel products for the second quarter 2005. The company says the $63.3 million increase resulted principally from an increase in the volume of steel products sold, offset by a reduction in the cost of steel products sold of $28 per ton. The decrease in the per ton cost to produce steel products resulted principally from the cost absorption benefit of increased volume and changes in the cost of certain raw materials and fuels used in the company’s steelmaking process.

Management Comments—"These results reflect our employees' total commitment to building Wheeling-Pittsburgh into a reliable steel producer that creates value for our shareholders and customers," said James G. Bradley, Chairman and CEO. "That commitment, together with major investments we have made in our primary operations and strategic improvements involving our finishing mills, have contributed to improving quality and lower costs.

"The proposed arrangement with CSN (Companhia Siderurgica Nacional), details of which were announced last week, is consistent with the next step of our strategic plan and will take Wheeling-Pittsburgh to the next level of operating and financial performance," Bradley noted. "It will transform Wheeling-Pittsburgh into a strong, well-capitalized steel producer with a more flexible cost structure, and broader value-added product offerings. The benefits that CSN brings to Wheeling-Pittsburgh, when combined with our employees' skill and commitment, will forge a combination that will be hard to beat."

Wheeling-Pittsburgh’s earnings announcement follows the August 3, 2006 release of information regarding Wheeling-Pittsburgh Steel's strategic arrangement with CSN that would combine the North American assets of CSN with Wheeling-Pittsburgh. The company says it expects to complete and file definitive documentation upon expiration of the right-to-bid period set forth in the United Steelworkers (USW) bargaining agreement unless the USW or its assignee files a competing bid for consideration by Wheeling-Pittsburgh Corp.'s Board of Directors prior to the expiration of that period.

Wheeling-Pittsburgh Corp. is the holding company of Wheeling-Pittsburgh Steel Corp.