SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): SEPTEMBER 30, 1997
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WHX Corporation
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(Exact name of registrant as specified in its charter)
DELAWARE 1-2394 13-3768097
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
110 East 59th Street, New York, New York 10022
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Address of principal executive offices
Registrant's telephone number, including area code: (212) 355-5200
N/A
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(Former name or former address, if changed since last report.)
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Item 5. OTHER EVENTS.
On September 30, 1997, WHX Corporation issued a press release,
which is set forth as Exhibit 99.1 to this Current Report.
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EXHIBIT NO. EXHIBITS
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99.1 Press Release of WHX Corporation dated
September 30, 1997.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WHX Corporation
Dated: October 1, 1997 By:/S/ Ronald LaBow
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Name: Ronald LaBow
Title: Chairman of the Board
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EXHIBIT 99.1
WHX ANNOUNCES THIRD-QUARTER SPECIAL CHARGE
NEW YORK, September 30, 1997 -- WHX Corporation, parent firm of
Wheeling-Pittsburgh Steel Corporation, said today it anticipates a one-time
special charge of approximately $90 million in the third quarter as a result of
the previously reported labor agreement between Wheeling-Pittsburgh and the
United Steelworkers of America.
The charge is related to retirement enhancements ($70 million) and
various short-term signing bonus/unemployment payments ($20 million) stipulated
in the labor agreement. Approximately 20 percent of the union workforce has
elected and will retire under the retirement enhancement program.
In addition to the $70 million retirement enhancement charge, WHX will
record an additional pension liability of approximately $78 million with an
equal amount recorded as an intangible asset. The total pension liability at
September 30, 1997 is anticipated to be approximately $160 million.
Wheeling-Pittsburgh Steel is the ninth largest integrated steel maker
in the United States. Its approximately 4,300 union workers ratified a five-year
labor agreement on August 12. Since then, the company has restarted operations
at all of its facilities and recalled more than half of its union workforce.
