Continued softness in the flat rolled carbon sheet market has prompted Wheeling-Pittsburgh Corp. to revise second quarter shipment expectations from 569,000 to 545,000 tons, and expected production from 654,000 to 600,000 tons.

Principally as a result of the lost margin and fixed cost absorption penalties, the company expects second quarter operating income to be $9-10 million lower than previously expected. Additionally, not all of the necessary corporate and external approvals for the joint venture with Severstal North America involving the Follansbee, W.Va., Coke Plant have been obtained. As a result the closing will not occur by the end of the second quarter.

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's products include hot rolled and cold rolled sheet and coated products such as galvanized, pre-painted and tin mill sheet. 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.