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WHX Announces Election of Officers and Chairman

Jan. 14, 2004 — WHX Corp. announced that its Board of Directors had elected Neale X. Trangucci as Chief Executive Officer of WHX, Stewart E. Tabin as President and Neil D. Arnold as Executive Chairman. The company also announced that Ronald LaBow has retired as Chairman of the Board.

In connection with the appointments, which will become effective February 1, 2004, the Management Agreement between WPN Corp. and WHX will be terminated. These changes will result in a substantial reduction in the company's overhead expense.

Mr. LaBow commented on the election, stating "I fully support their election and believe that this move is the best decision for the company. With the resolution of the Wheeling-Pittsburgh Corp. bankruptcy proceeding, I believe that the timing of this decision will allow Messrs. Trangucci, Tabin and Arnold increased flexibility in pursuing new strategic options for the company." Mr. Trangucci stated, "Ron has been an outstanding Chairman of the Board and his contributions to the company over a very long and difficult period of time have been invaluable."

Messrs. Trangucci and Tabin have been officers of WPN Corp. for over twelve years and have worked with Mr. LaBow to provide the management services furnished by WPN Corp. to WHX under the Management Agreement.

Mr. Arnold has served on the Board of Directors of WHX since 1992. He has been an officer of WPN Corp. since August 2001 and a private investor since May 1999. Prior to May 1999, Mr. Arnold was Group Finance Director of Lucas Varity plc from December 1996 to May 1999.

WHX is a holding company that has been structured to invest in and/or acquire a diverse group of businesses on a decentralized basis. WHX's primary business is Handy & Harman, a diversified manufacturing company with activities in precious metals fabrication, specialty wire and tubing and engineered materials.

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