SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
( x ) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1994
-----------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ____________ to __________
Commission file number ____________________
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
1134 Market Street
Wheeling, WV 26003
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
WHX CORPORATION
110 East 59th St.
New York, NY 10022
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
DECEMBER 31, 1994 AND 1993
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1994 AND 1993
INDEX TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
Page
Report of Independent Accountants 1
Statement of Net Assets Available for Plan Benefits 3-4
Statement of Changes in Net Assets Available for Plan Benefits 5-6
Notes to Financial Statements 7-11
Additional Information*
Schedule I - Schedule of Assets Held for Investment Purposes 12
Schedule II - Schedule of Reportable Transactions 13
*Other schedules required by Section 2520.103-10 of the Department of Labor
Rules and Regulations for Reporting and Disclosure under ERISA have been omitted
because they are not applicable.
<PAGE>
PRICE WATERHOUSE LLP
Report of Independent Accountants
June 9, 1995
To the Participants and Administrator
of the Wheeling-Pittsburgh Steel Corporation
401(k) Retirement Savings Plan
We have audited the accompanying statements of net assets available for Plan
benefits of the Wheeling-Pittsburgh Steel Corporation 401(k) Retirement Savings
Plan (the Plan) as of December 31, 1994 and 1993 and the related statements of
changes in net assets available for Plan benefits for the years then ended.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our report dated September 9, 1994, we were unable to, and did not, express
an opinion on the 1993 financial statements because, at the instruction of the
Plan administrator, we did not perform any auditing procedures with respect to
the information summarized in Note 6. In conjunction with our audit of the 1994
financial statements, the Plan administrator instructed us to perform, and we
did perform, an audit of the 1993 financial statements in accordance with
generally accepted auditing standards. Accordingly, we are now able to express
an opinion on the 1993 financial statements.
In our opinion, the financial statements referred to in the first paragraph of
this report present fairly, in all material respects, the net assets of the Plan
as of December 31, 1994, and 1993 and the changes in its net assets for the
years then ended in conformity with generally accepted accounting principles.
<PAGE>
To the Participants and Administrator
Page 2
June 9, 1995
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by the Employee Retirement Income Security Act of 1974 (ERISA). The
fund information in the statements of net assets available for Plan benefits and
the statements of changes in net assets available for Plan benefits is presented
for purposes of additional analysis rather than to present the net assets
available for Plan benefits and changes in net assets available for Plan
benefits of each fund. Schedules I and II and the fund information have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Price Waterhouse LLP
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
--------------------------------------------------------------------------------- -----------
Mutual Funds
-----------------------------------------------------
Collective Participant WHX
Trust New Dimension Stock Notes Stock
Funds Fixed Balanced Equity Equity Receivable Fund Total
----- ----- -------- ------ ------ ---------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value (Note 4) $1,353,805 $884,251 $1,451,448 $2,808,831 $1,220,477 $150,859 $435,270 $8,304,941
Dividend and Interest
Income Receivable - - - 131,681 - - 30 131,711
Employer
Contribution
Receivable (Note 2) - - - - - - 62,700 62,700
Cash and cash
equivalents 23,872 16,446 31,854 60,748 27,496 - 4,676 165,092
---------- -------- ---------- ---------- ---------- -------- -------- ----------
Total Assets 1,377,677 900,697 1,483,302 3,001,260 1,247,973 150,859 502,676 8,664,444
---------- -------- ---------- ---------- ---------- -------- -------- ----------
LIABILITIES
Contribution refund
payable (Note 2) 4,926 6,205 9,806 15,187 6,579 - - 42,703
---------- -------- ---------- ---------- ---------- -------- -------- ----------
Total Liabilities 4,926 6,205 9,806 15,187 6,579 - - 42,703
---------- -------- ---------- ---------- ---------- -------- -------- ----------
Net Assets Available
for Plan Benefits $1,372,751 $894,492 $1,473,496 $2,986,073 $1,241,394 $150,859 $502,676 $8,621,741
========== ======== ========== ========== ========== ======== ======== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Mutual Funds
-------------------------------------------------
Collective Participant
Trust New Dimension Stock Notes
Funds Fixed Balanced Equity Equity Receivable Total
----- ----- -------- ------ ------ ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value
(Note 4) $ 834,498 $ 820,981 $1,092,461 $2,204,219 $ 873,651 $ 82,515 $5,908,325
Cash 13,989 14,587 20,966 46,644 18,023 -- 114,209
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Assets 848,487 835,568 1,113,427 2,250,863 891,674 82,515 6,022,534
---------- ---------- ---------- ---------- ---------- ---------- ----------
LIABILITIES
Contribution refund
payable (Note 2) 4,356 7,326 7,587 9,916 6,578 -- 35,763
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Liabilities 4,356 7,326 7,587 9,916 6,578 -- 35,763
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net Assets Available for
Plan Benefits $ 844,131 $ 828,242 $1,105,840 $2,240,947 $ 885,096 $ 82,515 $5,986,771
========== ========== ========== ========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
--------------------------------------------------------------------------------- -----------
Mutual Funds
-----------------------------------------------------
Collective Participant WHX
Trust New Dimension Stock Notes Stock
Funds Fixed Balanced Equity Equity Receivable Fund Total
----- ----- -------- ------ ------ ---------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment Income:
Net Appreciation/
(Depreciation) in
Fair Value of
Investments $ 61,117 $ (108,623) $ (166,869) $ (214,532) $ (170,466) -- $ (139,580) $ (738,953)
Interest and
Dividends -- 68,853 126,707 131,681 133,444 -- 30 460,715
Interest on Loans 1,335 743 1,820 3,622 1,047 -- -- 8,567
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
62,452 (39,027) (38,342) (79,229) (35,975) -- (139,550) (269,671)
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Participant
Contributions 274,931 241,141 393,446 759,321 336,922 -- -- 2,005,761
Participant
Rollovers 62,244 48,115 125,750 188,925 69,625 -- -- 494,659
Employer
Contributions -- -- -- -- -- -- 642,851 642,851
Loans to
Participants (34,078) (8,780) (24,417) (49,328) (8,297) 124,900 -- --
Interfund
Transfers 183,197 (137,111) (28,809) (33,602) 16,325 -- -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total Additions 548,746 104,338 427,628 786,087 378,600 124,900 503,301 2,873,600
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
DEDUCTIONS:
Participant
Benefits 25,644 37,417 60,442 48,326 23,473 -- 625 195,927
Participant
Contribution
Refunds 4,926 6,205 9,806 15,187 6,579 -- -- 42,703
Repayments on
Loans (10,444) (5,534) (10,276) (22,552) (7,750) 56,556 -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total Deductions 20,126 38,088 59,972 40,961 22,302 56,556 625 238,630
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Net Increase 528,620 66,250 367,656 745,126 356,298 68,344 502,676 2,634,970
Net Assets at
Beginning
of Year 844,131 828,242 1,105,840 2,240,947 885,096 82,515 -- 5,986,771
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Net Assets at
End of Year $ 1,372,751 $ 894,492 $ 1,473,496 $ 2,986,073 $ 1,241,394 $ 150,859 $ 502,676 $ 8,621,741
=========== =========== =========== =========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Mutual Funds
-------------------------------------------------
Collective Participant
Trust New Dimension Stock Notes
Funds Fixed Balanced Equity Equity Receivable Total
----- ----- -------- ------ ------ ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment Income:
Net Appreciation in Fair
Value of Investments $ 45,820 $ 26,315 $ 24,125 $ 133,290 $ 15,496 -- $ 245,046
Dividends -- 59,842 95,833 105,986 96,640 -- 358,301
Interest on Loans 941 462 1,058 1,280 607 -- 4,348
--------- --------- ----------- ----------- --------- -------- ----------
46,761 86,619 121,016 240,556 112,743 -- 607,695
--------- --------- ----------- ----------- --------- -------- ----------
Participant Contributions 191,374 178,948 260,528 515,246 224,368 -- 1,370,464
Participant Rollovers 24,852 12,467 19,972 65,101 10,181 -- 132,573
Loans to Participants (3,376) (6,320) (19,639) (32,332) (14,933) 76,600 --
Interfund Transfers (120,449) 6,255 26,515 72,481 15,198 -- --
--------- --------- ----------- ----------- --------- -------- ----------
Total Additions 139,162 277,969 408,392 861,052 347,557 76,600 2,110,732
--------- --------- ----------- ----------- --------- -------- ----------
DEDUCTIONS:
Participant Benefits 135,600 102,411 53,782 65,781 60,050 -- 417,624
Participant Contribution
Refunds 4,356 7,326 7,587 9,916 6,578 -- 35,763
Repayments on Loans (9,437) (3,054) (6,568) (8,979) (4,784) 32,822 --
--------- --------- ----------- ----------- --------- -------- ----------
Total Deductions 130,519 106,683 54,801 66,718 61,844 32,822 453,387
--------- --------- ----------- ----------- --------- -------- ----------
Net Increase 8,643 171,286 353,591 794,334 285,713 43,778 1,657,345
Net Assets at
Beginning of Year 835,488 656,956 752,249 1,446,613 599,383 38,737 4,329,426
--------- --------- ----------- ----------- --------- -------- ----------
Net Assets at
End of Year $ 844,131 $ 828,242 $ 1,105,840 $ 2,240,947 $ 885,096 $ 82,515 $5,986,771
========= ========= =========== =========== ========= ======== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
NOTE 1 - PLAN FORMATION
The Wheeling-Pittsburgh Steel Corporation 401(k) Retirement Savings Plan (the
Plan) became effective July 1, 1990 and is intended to provide retirement
savings benefits for employees of the Wheeling-Pittsburgh Steel Corporation (the
Corporation) not covered by a Bargaining agreement.
NOTE 2 - DESCRIPTION OF THE PLAN
The following description of the Wheeling-Pittsburgh Steel Corporation 401(k)
Retirement Savings Plan provides only general information. Participants should
refer to the Plan agreement for more complete description of the Plan's
provisions.
GENERAL
The Plan is a 401(k) savings plan within the meaning of Section 401(a) of the
Internal Revenue Code. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
PARTICIPANT CONTRIBUTIONS
Each month the Corporation deposits cash to the Plan based on deductions from
the employees' pre-tax base pay. Contributions vary according to the employee
percent of contribution and may be changed at the discretion of the employee.
This Plan is voluntary and all contributions to the Plan are made by the
employee on a pre-tax basis.
PARTICIPANT ROLLOVERS
Participant rollovers represent transfers of cash or other property from other
qualified plans.
EMPLOYER CONTRIBUTIONS
As further discussed in Note 5, the Corporation provides a matching contribution
in the amount of 50% of the first 6% of the employee pretax contributions in the
form of WHX common stock.
7
<PAGE>
CONTRIBUTIONS - REFUNDS
At the end of each year, the Plan must meet a special annual nondiscrimination
test. In applying this test, certain employees' contributions are higher than
the percentage allowed, therefore these employees are refunded that portion of
their yearly contribution. This amounted to $42,703 for 1994 and $35,763 for
1993.
PARTICIPANT ACCOUNTS
Each Participant's account is credited with the employee and applicable employer
contributions and an allocation of the Plan Income. Allocations are based on
participants account balance as a percentage of the total account balance.
Investments from employee contributions in the Plan are participant directed.
Investments from employee and employer contributions are stated at fair market
value in the financial statements based on quoted prices in the active market.
VESTING
All contributions are immediately vested.
TRANSFER RESTRICTION
Participants may elect to transfer Employer Contributions out of the WHX Common
Stock Fund to other investment funds under the Plan only after two years have
passed since the Employer Contribution was deposited into the Fund. Participants
are prohibited from requesting a transfer to the WHX Common Stock Fund from
other investments under the Plan.
DISTRIBUTIONS TO PARTICIPANTS
The Plan is designed to be a savings plan for retirement. As a result,
participant access to funds is limited and is regulated by the federal
government. There were no distributions to participants payable at December 31,
1994 and December 31, 1993.
LOANS TO PARTICIPANTS
In general, loans may be made to any active participant at a maximum of the
lesser of 50 percent of the participant's account balance or $50,000. The loans
are secured by the balance in the participants accounts and bear interest at a
rate of prime plus one percent. Participant repayment is usually within five
years.
NOTE 3 - SUMMARY OF ACCOUNTING POLICIES
METHOD OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of accounting.
INVESTMENTS
Plan investments are stated at fair value, as determined by quoted market
prices.
8
<PAGE>
CONTRIBUTIONS
All contributions are recorded in the period during which the company makes
payroll deductions from the Plan participant's earnings.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
NOTE 4 - INVESTMENTS
The Plan's investments are held in trust by the American Express Trust Company.
The following table presents the Plan's investments.
December 31,
-----------------
1994 1993
---- ----
Investments at Fair Value as Determined
by Quoted Market Price
MUTUAL FUNDS:
IDS Selective Fund A
104,238 and 85,403 shares, respectively $ 884,251 $ 820,981
IDS Mutual Fund A
131,698 and 87,656 shares, respectively 1,451,448 1,092,461
IDS New Dimensions Fund A
211,365 and 153,711 shares, respectively 2,808,831 2,204,219
IDS Stock Fund A
71,641 and 44,314 shares, respectively 1,220,477 873,651
COLLECTIVE TRUST FUNDS:
American Express Trust Collective Income Fund II
92,949 and 60,581 shares, respectively 1,353,805 834,498
COMMON STOCK:
WHX Corporation, Common Stock
32,851 and 0 shares, respectively 435,270 --
---------- ----------
Total Investments at Fair Value
as Determined by Quoted Market Price $8,154,082 $5,825,810
---------- ----------
Investments at Fair Value:
Participant Loans 150,859 82,515
---------- ----------
Total Investments $8,304,941 $5,908,325
========== ==========
9
<PAGE>
During 1994 and 1993, the plan's investments (including gains and losses on
investments sold during the year) appreciated/(depreciated) in value by
($738,953) and $245,046 respectively, as follows:
Year Ended December 31,
1994 1993
---- ----
Investments at Fair Value as Determined
by Quoted Market Price
MUTUAL FUNDS:
IDS Selective Fund A $(108,623) $ 26,315
IDS Mutual Fund A (166,869) 24,125
IDS New Dimensions Fund A (214,532) 133,290
IDS Stock Fund A (170,466) 15,496
--------- --------
(660,490) 199,226
--------- --------
COLLECTIVE TRUST FUNDS:
American Express Trust Collective Income Fund II 61,117 45,820
--------- --------
COMMON STOCK:
WHX Corporation, Common Stock (139,580) --
--------- --------
Net Change in Fair Value $(738,953) $245,046
========= ========
NOTE 5 - PLAN AMENDMENT
An amendment to the Plan was effected on July 28, 1994 and is retroactive to
January 1, 1994. The amendment provides for a Corporation matching contribution
in the amount of 50% of the first 6% of employee pretax contributions in the
form of WHX common stock to the WHX Common Stock Fund.
NOTE 6 - CERTIFIED FINANCIAL DATA
The following is a summary of the Plan's 1993 financial information and data
certified by the American Express Trust Company (formerly IDS Bank & Trust
Company) as complete and accurate in accordance with Section 2520.103-5 of the
Department of Labor Rules and Regulations for Reporting and Disclosure under
ERISA.
December 31, 1993
-----------------
ASSETS:
Investments at Fair Value As Determined
by Quoted Market Price $5,825,810
Investments at Fair Value 82,515
Cash 114,209
----------
Total Assets $6,022,534
==========
10
<PAGE>
INVESTMENT INCOME:
Year Ended December 31,
1993
----
Net Appreciation Fair Value
of Investments $245,046
Interest and Dividends 362,649
--------
Total Investment Income $607,695
========
NOTE 7 - PLAN TERMINATION
Although it has not expressed any intent to do so, the Corporation has the right
under the Plan to terminate the Plan subject to the provisions of ERISA. In the
event of termination, all participants shall remain 100% vested in their
accounts.
NOTE 8 - INTERNAL REVENUE SERVICE (IRS) DETERMINATION LETTER
The Internal Revenue Service has determined and informed the Corporation by
letter dated January 9, 1995, that the plan and related trust are designed in
accordance with the applicable sections of the Internal Revenue Code. The
determination letter is applicable for the amendment adopted on July 28, 1994.
11
<PAGE>
ADDITIONAL INFORMATION
SCHEDULE 1
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
<TABLE>
<CAPTION>
=====================================================================================================================
Identity of issue, Description of investment Cost Current
borrower, lessor including maturity date, rate Value
or similar party of interest, collateral, par or
maturity value
=====================================================================================================================
<S> <C> <C> <C>
American Express American Express Trust $1,355,018 $1,353,805
Trust Co. Collective Income Fund II,
92,949 shares
- ---------------------------------------------------------------------------------------------------------------------
American Express IDS Selective Fund A, 104,238 $949,083 $884,251
Trust Co. shares
- ---------------------------------------------------------------------------------------------------------------------
American Express IDS Mutual Fund A, 131,698 $1,594,746 $1,451,448
Trust Co. shares
- ---------------------------------------------------------------------------------------------------------------------
American Express IDS New Dimensions Fund A, $2,799,640 $2,808,831
Trust Co. 211,365 shares
- ---------------------------------------------------------------------------------------------------------------------
American Express IDS Stock Fund A, 71,641 $1,385,238 $1,220,477
Trust Co. shares
- ---------------------------------------------------------------------------------------------------------------------
WHX Corp.* Common Stock, 32,851 shares $574,850 $435,270
- ---------------------------------------------------------------------------------------------------------------------
N/A Participant Loans $150,859 $150,859
=====================================================================================================================
</TABLE>
* Party-in-Interest
12
<PAGE>
ADDITIONAL INFORMATION
SCHEDULE II
WHEELING-PITTSBURGH STEEL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
ITEM 27(d) - TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS
OF 5% OF THE CURRENT VALUE OF PLAN ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Current
Value
of
Expense Asset
Number Incurred on
of with Trans- Net
Description Trans- Purchase Selling Lease Trans- Cost of action Gain or
Party Involved of Assets actions Price Price Rental actions Asset Date (Loss)
-------------- --------- ------- ----- ----- ------ ------- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
American Express Trust Co. IDS Mutual Fund A 77 697,018 - - - 697,018 697,018 -
American Express Trust Co. IDS New Dimensions 90 1,071,923 - - - 1,071,923 1,071,923 -
Fund A
American Express Trust Co. IDS Stock Fund A 78 594,968 - - - 594,968 594,968 -
American Express Trust Co. American Express
Trust Collective
Income Fund II 76 648,564 - - - 648,564 648,564 -
</TABLE>
13
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed by the undersigned thereunto duly
authorized.
WHEELING-PITTSBURGH STEEL CORPORATION 401(k) RETIREMENT SAVINGS PLAN
--------------------------------------------------------------------
(Name of Plan)
Date: June 21, 1995 By: /s/ John W. Testa
----------------------------------------------
John W. Testa
Vice President - Secretary & Treasurer
Chairman-Wheeling-Pittsburgh Steel Corporation
Retirement Committee
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (no. 33-54801) of our report dated June 9, 1995 appearing
on Page 1 of the Annual Report of the Wheeling-Pittsburgh 401(k) Retirement Plan
on Form 11-K for the year ended December 31, 1994.
Price Waterhouse LLP
Pittsburgh, PA
June 21, 1995
