SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
(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, 1995
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, 1995 AND 1994
<PAGE>
Page
Report of Independent Accountants 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits -
December 31, 1995 2
Statements of Net Assets Available for Plan Benefits -
December 31, 1994 3
Statement of Changes in Net Assets Available for Plan Benefits -
Year Ended December 31, 1995 4
Statement of Changes in Net Assets Available for Plan Benefits -
Year Ended December 31, 1994 5
Notes to Financial Statements 6
Additional Information:*
Assets Held for Investment Purposes Schedule I
Reportable Transactions Schedule II
* 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>
REPORT OF INDEPENDENT ACCOUNTANTS
June 14, 1996
To the Participants and Administrator
of the Wheeling-Pittsburgh Steel Corporation
401(k) Retirement Savings Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material aspects, the net assets available for benefits
of the Wheeling-Pittsburgh Steel Corporation 401(k) Retirement Savings Plan (the
Plan) as of December 31, 1995 and December 31, 1994, and the changes in net
assets available for benefits for the years then ended, in conformity with
generally accepted accounting principles. 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 expressed
above.
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.
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Non-
participant
Participant directed directed
------------------------------------------------------------------- ----------
Mutual funds
Collective ---------------------------------------- Participant WPC
Trust New Dimension Stock Notes Stock
Fund Fixed Balanced Equity Equity Receivable Fund Total
---- ----- -------- ------ ------ ---------- ---- -----
Assets
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair
value (Note 4) $ 1,612,548 $ 1,291,353 $ 2,368,322 $ 5,048,861 $ 2,117,081 $ 254,982 $ 1,252,267 $13,945,414
Dividend and interest
income receivable -- -- -- 224,727 -- -- 58 224,785
Employer contribution
receivable (Note 2) -- -- -- -- -- -- 68,402 68,402
Cash and cash equivalents 22,616 17,801 34,213 73,355 32,147 (7,137) 9,634 182,629
----------- ----------- ----------- ----------- ----------- --------- ----------- -----------
Total assets 1,635,164 1,309,154 2,402,535 5,346,943 2,149,228 247,845 1,330,361 14,421,230
----------- ----------- ----------- ----------- ----------- --------- ----------- -----------
Liabilities
Contribution refunds payable
(Note 2) 10,791 14,348 23,007 49,649 32,999 -- -- 130,794
----------- ----------- ----------- ----------- ----------- --------- ----------- -----------
Total liabilities 10,791 14,348 23,007 49,649 32,999 -- -- 130,794
----------- ----------- ----------- ----------- ----------- --------- ----------- -----------
Net assets available
for Plan benefits $ 1,624,373 $ 1,294,806 $ 2,379,528 $ 5,297,294 $ 2,116,229 $ 247,845 $ 1,330,361 $14,290,436
=========== =========== =========== =========== =========== ========= =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
- 2 -
<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 WPC
Trust New Dimension Stock Notes Stock
Fund Fixed Balanced Equity Equity Receivable Fund Total
---- ----- -------- ------ ------ ---------- ---- -----
Assets
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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 refunds 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 CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND
INFORMATION
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Non-
participant
Participant directed directed
------------------------------------------------------------------- ----------
Mutual funds
Collective ---------------------------------------- Participant WPC
Trust New Dimension Stock Notes Stock
Fund 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 $ 92,083 $ 135,210 $ 322,938 $ 1,033,683 $ 279,326 $ -- $ (129,844) $ 1,733,396
Interest and dividends -- 78,004 111,480 224,727 110,859 -- 58 525,128
Interest on loans 3,012 1,823 3,686 5,968 2,324 -- -- 16,813
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
95,095 215,037 438,104 1,264,378 392,509 -- (129,786) 2,275,337
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Participant contributions 400,316 273,445 532,861 1,022,739 500,158 -- -- 2,729,519
Participant rollovers 6,659 13,902 23,616 29,618 23,490 -- -- 97,285
Employer contributions -- -- -- -- -- -- 968,448 968,448
Loans to participants (34,187) (23,275) (24,174) (70,318) (29,246) 181,200 -- --
Interfund transfers (125,571) (24,507) (30,048) 124,510 55,616 -- -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total additions 342,312 454,602 940,359 2,370,927 942,527 181,200 838,662 6,070,589
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Deductions:
Participant benefits 93,404 46,744 25,844 47,643 44,470 2,018 10,977 271,100
Participant contribution
refunds 10,791 14,348 23,007 49,649 32,999 -- -- 130,794
Repayments on loans (13,505) (6,804) (14,524) (37,586) (9,777) 82,196 -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total deductions 90,690 54,288 34,327 59,706 67,692 84,214 10,977 401,894
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Net increase 251,622 400,314 906,032 2,311,221 874,835 96,986 827,685 5,668,695
Net assets at beginning
of year 1,372,751 894,492 1,473,496 2,986,073 1,241,394 150,859 502,676 8,621,741
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Net assets at end of year $ 1,624,373 $ 1,294,806 $ 2,379,528 $ 5,297,294 $ 2,116,229 $ 247,845 $ 1,330,361 $14,290,436
=========== =========== =========== =========== =========== =========== =========== ===========
</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
DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Non-
participant
Participant directed directed
------------------------------------------------------------------- ----------
Mutual funds
Collective ---------------------------------------- Participant WPC
Trust New Dimension Stock Notes Stock
Fund 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
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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 the
opportunity for retirement savings for employees of the Wheeling-Pittsburgh
Steel Corporation (the Corporation) not covered by a Bargaining Agreement.
2. DESCRIPTION OF THE PLAN
The following description of the Plan provides only general information.
Participants should refer to the Plan Agreement for a more complete
description of the Plan's provisions.
GENERAL
The Plan is a 401(k) savings plan within the means 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' pretax-base pay and any periodic bonuses. 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 pretax basis.
PARTICIPANT ROLLOVERS
Participant rollovers represent transfers of cash or other property from
other qualified plans.
EMPLOYER CONTRIBUTIONS
The Corporation provides a matching contribution in the amount of 50 percent
of the first 6 percent of employee pretax contributions in the form of WHX
common stock to the WPC Common Stock Fund. WHX is the parent of
Wheeling-Pittsburgh Steel Corporation. WHX stock trades actively on a
regulated exchange.
At December 31, 1995, the Plan held 219,652 units of participation in the WPC
Common Stock Fund with a fair value of $5.75 per unit. At December 31, 1994,
the Plan held 62,770 units of participation in the WPC Common Stock Fund with
a fair value of $7.01 per unit.
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 $130,794 for 1995 and $42,703 for 1994.
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 participant's 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 2 years
have passed since the employer contribution was deposited into the Fund.
Participants are prohibited from requesting a transfer to the WPC 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, 1995 and 1994.
- 6 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
LOANS TO PARTICIPANTS
In general, loans may be made to any active participant for a minimum of
$1,000 and 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 participant's
accounts and bear interest at a rate of prime plus 1 percent. Participant
repayment is usually within 5 years.
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.
CONTRIBUTIONS
All contributions are recorded in the period during which the Corporation
makes payroll deductions from the Plan participant's earnings.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
- 7 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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,
1995 1994
---- ----
Investments at fair value as determined by
quoted market price:
Mutual Funds:
IDS Selective Fund, 134,446 and
104,238 shares, respectively $ 1,291,353 $ 884,251
IDS Mutual Fund, 181,106 and
131,698 shares, respectively 2,368,322 1,451,448
IDS New Dimensions Fund, 292,332 and
211,365 shares, respectively 5,048,861 2,808,831
IDS Stock Fund, 104,470 and 71,641 shares,
respectively 2,117,081 1,220,477
Collective Trust Funds:
American Express Trust Collective Income
Fund II, 104,257 and 92,949 shares,
respectively 1,612,548 1,353,805
Common stock:
WHX Common Stock, 115,151
and 32,851 shares, respectively 1,252,267 435,270
----------- -----------
Total investments at fair value as
determined by quoted market price 13,690,432 8,154,082
----------- -----------
Investments at fair value:
Participant loans 254,982 150,859
----------- -----------
Total investments $13,945,414 $ 8,304,941
=========== ===========
- 8 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
During 1995 and 1994, the Plan's investments (including gains and losses on
investments sold during the year) appreciated (depreciated) in value by
$1,733,396 and $(738,953), respectively, as follows:
YEAR ENDED
DECEMBER 31,
1995 1994
---- ----
Appreciation (depreciation) at fair value as
determined by quoted market price:
Mutual Funds:
IDS Selective Fund $ 135,210 $ (108,623)
IDS Mutual Fund 322,938 (166,869)
IDS New Dimensions Fund 1,033,683 (214,532)
IDS Stock Fund 279,326 (170,466)
----------- -----------
1,771,157 (660,490)
Collective Trust Funds:
American Express Trust Collective
Income Fund II 92,083 61,117
Common stock:
WPC Common Stock Fund (129,844) (139,580)
----------- -----------
Net change in fair value $ 1,733,396 $ (738,953)
=========== ===========
5. 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 percent
vested in their accounts.
6. INTERNAL REVENUE SERVICE (IRS) DETERMINATION LETTER
The IRS 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 latest amendment adopted by the plan.
- 9 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
ADDITIONAL INFORMATION
SCHEDULE I - ASSETS HELD FOR INVESTMENT PURPOSES - ITEM 27(A)
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
Description of investment
Identity of issue, including maturity date, rate
borrower, lessor or of interest, collateral, par Current
similar party or maturity value Cost value
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
American Express American Express Trust $1,531,713 $1,612,548
Trust Co.* Collective Income Fund II,
104,257 shares
American Express IDS Selective Fund, 134,446 $1,220,821 $1,291,353
Trust Co.* Class Y shares
American Express IDS Mutual Fund, 181,106 $2,189,042 $2,368,322
Trust Co.* Class Y shares
American Express IDS New Dimensions Fund, $4,039,212 $5,048,861
Trust Co.* 292,332 Class Y shares
American Express IDS Stock Fund, 104,470 $2,000,458 $2,117,081
Trust Co.* Class Y shares
WHX Corp.* WHX Common Stock, $1,520,690 $1,252,267
115,151 shares
N/A Participant Loans $254,982 $254,982
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
* Party-in-interest.
<PAGE>
<TABLE>
<CAPTION>
Current
value of
Number asset on Net
Description of Purchase Selling Cost of transaction gain or
Party involved of assets transactions price price asset date (loss)
<S> <C> <C> <C> <C> <C> <C> <C>
American Express IDS New Dimensions
Trust Co. Fund 71 $1,432,768 - $1,432,768 $1,432,768 -
American Express IDS New Dimensions
Trust Co. Fund 40 - $185,801 $153,137 $185,801 $32,664
American Express IDS Mutual Fund
Trust Co. 58 $702,177 - $702,177 $702,177 -
Americ an Express IDS Mutual Fund
Trust Co. 38 - $108,242 $107,882 $108,242 $360
American Express IDS Selective Fund
Trust Co. 82 $391,209 - $391,209 $391,209 -
American Express IDS Selective Fund
Trust Co. 33 - $119,317 $119,470 $119,317 $(153)
American Express AETC Collective
Trust Co. Income Fund II 49 $571,266 - $571,266 $571,266 -
American Express AETC Collective
Trust Co. Income Fund II 53 - $404,657 $394,571 $404,657 $10,087
American Express IDS Stock Fund
Trust Co. 66 $706,411 - $706,411 $706,411 -
American Express IDS Stock Fund
Trust Co. 33 - $89,134 $91,191 $89,134 $(2,058)
WHX Corporation WPC Common Stock Fund 38 $961,309 - $961,309 $961,309 -
WHX Corporation WPC Common Stock Fund 15 - $9,540 $11,795 $9,540 $(2,255)
</TABLE>
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, 1996 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 14, 1996 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, 1995.
Price Waterhouse LLP
Pittsburgh, PA
June 21, 1996
