The United Steelworkers of America (USWA) announced that the Union does not expect that the benefits current members or retirees receive from Wheeling-Pittsburgh Steel will be affected as a result of WHX Corp.’s filing for Chapter 11 Bankruptcy Protection.

WHX is the former equity owner of Wheeling-Pittsburgh. As part of Wheeling-Pitt’s emergence from Chapter 11 bankruptcy in August 2003, WHX gave up its equity ownership in Wheeling-Pittsburgh Steel. WHX, however, maintained responsibility for funding the pensions of Wheeling-Pittsburgh employees, both those who retired prior to the August 2003 restructuring and those entitled to future benefits based on their service before August 2003.

WHX filed a Plan of Reorganization at the same time as it filed its bankruptcy petition. If approved by the United States Bankruptcy Court, the WHX Plan of Reorganization calls for continuation of all of WHX's labor, benefit and pension agreements. "WHX has told the PBGC that the pension plan should not be affected by this move to restructure debt," said USWA District 1 Director David McCall, "and we have confidence that our members and retirees will not see any change in their benefits."

If WHX’s plan is approved, the corporation could emerge from bankruptcy within the next several months.