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 (NO FEE REQUIRED)
For the fiscal year ended DECEMBER 31, 1996
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, 1996 AND 1995
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
DECEMBER 31, 1996 AND 1995
INDEX
- --------------------------------------------------------------------------------
PAGE
Report of Independent Accountants 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits
With Fund Information - December 31, 1996 2
Statements of Net Assets Available for Plan Benefits
With Fund Information - December 31, 1995 3
Statement of Changes in Net Assets Available for Plan Benefits
With Fund Information - Year Ended December 31, 1996 4
Statement of Changes in Net Assets Available for Plan Benefits
With Fund Information - Year Ended December 31, 1995 5
Notes to Financial Statements 6
Additional Information:
Schedule of Assets Held for Investment Purposes Schedule I
Schedule of Reportable Transactions Schedule II
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
June 11, 1997
To the Participants and Plan 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 respects, the net assets available for benefits
of the Wheeling-Pittsburgh Steel Corporation 401(k) Retirement Savings Plan (the
Plan) as of December 31, 1996 and December 31, 1995, 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 Administrator; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which 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, assessing the
accounting principles used and significant estimates made by the Plan
Administrator and evaluating the overall financial statement presentation. We
believe that our audits provide 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. 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, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
--------------------------------------------------------------------------------------------------------
MUTUAL FUNDS
--------------------------------------------------------------------------------------------------------
COLLECTIVE IDS SELECTIVE IDS MUTUAL IDS NEW IDS STOCK AIM TEMPLETON
INCOME FUND II FUND FUND DIMENSION FUND FUND CONSTELLATION FUND FOREIGN FUND
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value (Note 4) $ 1,935,420 $ 1,335,514 $ 2,934,976 $ 7,555,883 $ 2,884,442 $ 225,748 $ 163,006
Interest and dividend
income receivable -- -- -- -- -- -- --
Cash and cash
equivalents 19,911 14,761 31,649 79,667 32,481 5,585 3,272
Interfund(payable)/
receivable (21,814) 1,052 1,883 4,083 9,241 7,127 7,115
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total assets 1,933,517 1,351,327 2,968,508 7,639,633 2,926,164 238,460 173,393
------------ ------------ ------------ ------------ ------------ ------------ ------------
LIABILITIES
Contribution refunds
payable (Note 2) (12,585) (8,793) (19,321) (49,725) (19,046) (1,552) (1,129)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total liabilities (12,585) (8,793) (19,321) (49,725) (19,046) (1,552) (1,129)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net assets available
for plan benefits $ 1,920,932 $ 1,342,534 $ 2,949,187 $ 7,589,908 $ 2,907,118 $ 236,908 $ 172,264
============ ============ ============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
NON-PARTICIPANT
DIRECTED
PARTICIPANT WPC COMMON
LOANS STOCK FUND TOTAL
<S> <C> <C> <C>
ASSETS
Investments, at fair
value (Note 4) $ 255,558 $ 1,761,068 $ 19,051,615
Interest and dividend
income receivable -- 518 518
Cash and cash
equivalents -- 108,627 295,953
Interfund(payable)/
receivable (7,836) (851) --
------------ ------------ ------------
Total assets 247,722 1,869,362 19,348,086
------------ ------------ ------------
LIABILITIES
Contribution refunds
payable (Note 2) -- -- (112,151)
------------ ------------ ------------
Total liabilities -- -- (112,151)
------------ ------------ ------------
Net assets available
for plan benefits $ 247,722 $ 1,869,362 $ 19,235,935
============ ============ ============
</TABLE>
The accompanying notes are an integral part of these 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, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
----------------------------------------------------------------------------------------
MUTUAL FUNDS
----------------------------------------------------------------------------------------
Collective IDS Selective IDS Mutual IDS New IDS Stock
Income Fund II Fund Fund Dimension Fund Fund
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value (Note 4) $ 1,612,548 $ 1,291,353 $ 2,368,322 $ 5,048,861 $ 2,117,081
Interest and dividend income receivable -- -- -- 224,727 --
Employer contribution receivable (Note 2) -- -- -- -- --
Cash and cash equivalents 21,291 17,109 32,791 70,575 31,229
Interfund(payable)/receivable 1,325 692 1,422 2,780 918
------------ ------------ ------------ ------------ ------------
Total assets 1,635,164 1,309,154 2,402,535 5,346,943 2,149,228
------------ ------------ ------------ ------------ ------------
LIABILITIES
Contribution refunds payable (Note 2) (10,791) (14,348) (23,007) (49,649) (32,999)
------------ ------------ ------------ ------------ ------------
Total liabilities (10,791) (14,348) (23,007) (49,649) (32,999)
------------ ------------ ------------ ------------ ------------
Net assets available for plan benefits $ 1,624,373 $ 1,294,806 $ 2,379,528 $ 5,297,294 $ 2,116,229
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
NON-PARTICIPANT
DIRECTED
Participant WPC Common
Loans Stock Fund Total
<S> <C> <C> <C>
ASSETS
Investments at fair value (Note 4) $ 254,982 $ 1,252,267 $ 13,945,414
Interest and dividend income receivable -- 58 224,785
Employer contribution receivable (Note 2) -- 68,402 68,402
Cash and cash equivalents -- 9,634 182,629
Interfund(payable)/receivable (7,137) -- --
----------- ------------ ------------
Total assets 247,845 1,330,361 14,421,230
----------- ------------ ------------
LIABILITIES
Contribution refunds payable (Note 2) -- -- (130,794))
----------- ------------ ------------
Total liabilities -- -- (130,794))
----------- ------------ ------------
Net assets available for plan benefits $ 247,845 $ 1,330,361 $ 14,290,436
=========== ============ ============
</TABLE>
The accompanying notes are an integral part of these 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
YEAR ENDED DECEMBER 31, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
---------------------------------------------------------------------------------------------------
MUTUAL FUNDS
---------------------------------------------------------------------------------------------------
AIM
COLLECTIVE IDS SELECTIVE IDS MUTUAL IDS NEW IDS STOCK CONSTELLATION TEMPLETON
INCOME FUND II FUND FUND DIMENSION FUND FUND FUND FOREIGN FUND
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment income:
Net appreciation/
(depreciation) in fair
value of investments $ 104,413 ($ 70,868) $ 74,956 $ 1,110,666 $ 263,276 $ 5,421 $ 5,691
Interest and dividends -- 106,741 275,765 289,750 188,418 6,721 5,071
----------- ----------- ----------- ----------- ----------- ----------- -----------
104,413 35,873 350,721 1,400,416 451,694 12,142 10,762
----------- ----------- ----------- ----------- ----------- ----------- -----------
Contributions:
Participant contributions 317,756 246,464 486,124 1,078,343 473,385 25,560 13,899
Employer contributions -- -- -- -- -- -- --
Participant rollovers -- 8,606 36,097 1,682 -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
317,756 246,464 494,730 1,114,440 475,067 25,560 13,899
Interfund transfers (13,933) (122,388) (164,211) 4,295 (25,253) 201,222 149,028
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total additions 408,236 159,949 681,240 2,519,151 901,508 238,924 173,689
----------- ----------- ----------- ----------- ----------- ----------- -----------
DEDUCTIONS:
Participant benefits paid 113,322 105,893 93,852 177,409 91,092 -- --
Participant contribution
refunds 12,585 8,793 19,321 49,725 19,046 1,552 1,129
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total deductions 125,907 114,686 113,173 227,134 110,138 1,552 1,129
----------- ----------- ----------- ----------- ----------- ----------- -----------
LOAN ACTIVITY:
Loans to participants (18,305) (10,692) (24,396) (78,178) (21,390) (575) (364)
Repayments on loans 32,535 13,157 25,988 78,775 20,909 111 68
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net loan activity 14,230 2,465 1,592 597 (481) (464) (296)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net increase(decrease) 296,559 47,728 569,659 2,292,614 790,889 236,908 172,264
Net assets at beginning
of year 1,624,373 1,294,806 2,379,528 5,297,294 2,116,229 -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net assets at end of year $ 1,920,932 $ 1,342,534 $ 2,949,187 $ 7,589,908 $ 2,907,118 $ 236,908 $ 172,264
=========== =========== =========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
NON-PARTICIPANT
DIRECTED
PARTICIPANT WPC COMMON
LOANS STOCK FUND TOTAL
<S> <C> <C> <C>
ADDITIONS:
Investment income:
Net appreciation/
(depreciation) in fair
value of investments -- ($ 358,235) $ 1,135,320
Interest and dividends 21,127 518 894,111
----------- ----------- -----------
21,127 (357,717) 2,029,431
----------- ----------- -----------
Contributions:
Participant contributions -- -- 2,641,531
Employer contributions -- 977,730 977,730
Participant rollovers -- 46,385
----------- ----------- -----------
-- 977,730 3,665,646
Interfund transfers -- (28,760) --
----------- ----------- -----------
Total additions 21,127 591,253 5,695,077
----------- ----------- -----------
DEDUCTIONS:
Participant benefits paid 3,607 52,252 637,427
Participant contribution
refunds -- -- 112,151
----------- ----------- -----------
Total deductions 3,607 52,252 749,578
----------- ----------- -----------
LOAN ACTIVITY:
Loans to participants 153,900 -- --
Repayments on loans (171,543) -- --
----------- ----------- -----------
Net loan activity (17,643) -- --
----------- ----------- -----------
Net increase(decrease) (123) 539,001 4,945,499
Net assets at beginning
of year 247,845 1,330,361 14,290,436
----------- ----------- -----------
Net assets at end of year $ 247,722 $ 1,869,362 $19,235,935
=========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these 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, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
----------------------------------------------------------------------
MUTUAL FUNDS
----------------------------------------------------------------------
COLLECTIVE IDS SELECTIVE IDS MUTUAL IDS NEW IDS STOCK
INCOME FUND II FUND FUND DIMENSION FUND FUND
<S> <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
Interest and dividends -- 78,004 111,480 224,727 110,859
----------- ----------- ----------- ----------- -----------
92,083 213,214 434,418 1,258,410 390,185
----------- ----------- ----------- ----------- -----------
Contributions:
Participant contributions 400,316 273,445 532,861 1,022,739 500,158
Employer contributions -- -- -- -- --
Participant rollovers 6,659 13,902 23,616 29,618 23,490
----------- ----------- ----------- ----------- -----------
406,975 287,347 556,477 1,052,357 523,648
Interfund transfers (125,571) (24,507) (30,048) 124,510 55,616
----------- ----------- ----------- ----------- -----------
Total additions 373,487 476,054 960,847 2,435,277 969,449
DEDUCTIONS:
Participant benefits paid 93,404 46,744 25,844 47,643 44,470
Participant contribution
refunds 10,791 14,348 23,007 49,649 32,999
----------- ----------- ----------- ----------- -----------
Total deductions 104,195 61,092 48,851 97,292 77,469
----------- ----------- ----------- ----------- -----------
LOAN ACTIVITY
Loans to participants (34,187) (23,275) (24,174) (70,318) (29,246)
Repayments on loans 16,517 8,627 18,210 43,554 12,101
----------- ----------- ----------- ----------- -----------
Net loan activity (17,670) (14,648) (5,964) (26,764) (17,145)
----------- ----------- ----------- ----------- -----------
Net increase: 251,622 400,314 906,032 2,311,221 874,835
Net assets at beginning
of year 1,372,751 894,492 1,473,496 2,986,073 1,241,394
Net assets at end of year $ 1,624,373 $ 1,294,806 $ 2,379,528 $ 5,297,294 $ 2,116,229
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
NON-PARTICIPANT
DIRECTED
PARTICIPANT WPC COMMON
LOANS STOCK FUND TOTAL
<S> <C> <C> <C>
ADDITIONS:
Investment income:
Net appreciation/
(depreciation) in
fair value of investments -- ($ 129,844) $ 1,733,396
Interest and dividends 16,813 58 541,941
----------- ----------- -----------
16,813 (129,786) 2,275,337
----------- ----------- -----------
Contributions:
Participant contributions -- -- 2,729,519
Employer contributions -- 968,448 968,448
Participant rollovers -- -- 97,285
----------- ----------- -----------
-- 968,448 3,795,252
Interfund transfers -- -- --
----------- ----------- -----------
Total additions 16,813 838,662 6,070,589
DEDUCTIONS:
Participant benefits paid 2,018 10,977 271,100
Participant contribution
refunds -- -- 130,794
----------- ----------- -----------
Total deductions 2,018 10,977 401,894
----------- ----------- -----------
LOAN ACTIVITY
Loans to participants 181,200 -- --
Repayments on loans (99,009) -- --
----------- ----------- -----------
Net loan activity 82,191 -- --
----------- ----------- -----------
Net increase: 96,986 827,685 5,668,695
Net assets at beginning
of year 150,859 502,676 8,621,741
Net assets at end of year $ 247,845 $ 1,330,361 $14,290,436
=========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 5 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1996 AND 1995
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 comprehensive
description of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan qualified under Section 401(a) of
the Internal Revenue Code (IRC). It is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
PARTICIPANT CONTRIBUTIONS
The Corporation deposits cash to the Plan based on deductions from the
employees' monthly pretax-base pay and any periodic bonuses. Plan
participants may elect to contribute 1 percent to 15 percent of their base
earnings and periodic bonuses to the Plan. The sum of employer and
employee contributions plus total contributions to the Salaried Pension
Plan may not exceed 25% of a Participant's annual salary. Contributions
vary according to the Participant's election 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 the Corporation. WHX common stock trades actively on a regulated
exchange. Participant accounts are comprised of units of participation.
Each unit of participation constitutes an undivided, pro-rata interest in
all of the assets of the fund. A unit value is defined as the market value
of all shares of Company stock held in the fund, the value of all units of
cash fund held in the fund plus income accruals divided by the outstanding
units of the fund. The number of units constituting the fund will vary as
amounts are invested in or withdrawn from the fund.
At December 31, 1996, the Plan held 398,585 units of participation in the
WPC Common Stock Fund with a fair value of $4.69 per unit. 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.
CONTRIBUTIONS - REFUNDS
At the end of each year, the Plan must meet a special annual IRC
nondiscrimination test, in addition to the 25% limit as discussed in
"Participant Contributions" above. To the extent that in applying this
test, certain employee's contributions are higher than the percentage
allowed, these
- 6 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1996 AND 1995
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
employees are refunded that portion of their yearly contribution. These
refunds amounted to $112,151 for 1996 and $130,794 for 1995.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the employee and applicable
employer contributions and an allocation of the Plan earnings. Allocations
of Plan earnings are based on participant's account balance as a
percentage of the total account balance.
VESTING
All contributions plus actual earnings thereon are immediately vested.
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct employee
contributions in 5 percent increments in any of the following investment
options:
REGISTERED INVESTMENT COMPANIES
Funds are invested in shares of registered investment companies, including
the IDS Selective Fund, IDS Mutual Fund, IDS New Dimensions Fund, IDS
Stock Fund, AIM Constellation Fund and the Templeton Foreign Fund.
COMPANY STOCK FUND
Funds are invested in the common stock of WHX Corporation and in highly
liquid money market funds. The money market funds are maintained for the
purchase of mutual funds upon participant request of transfer from the
Company Stock fund.
COMMON/COLLECTIVE TRUSTS
Funds are invested in the American Express Trust Collective Income Fund
II. The Trust primarily invests in insurance and bank investment
contracts.
PLAN AMENDMENT
In July of 1996, the Plan was amended to include two additional investment
options: the AIM Constellation Fund and the Templeton Foreign Fund.
TRANSFER RESTRICTION
Participants may elect to transfer employer contributions out of the WPC
Common Stock Fund to other investment funds under the Plan 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, 1996 and 1995.
PARTICIPANT LOANS
Participants may borrow from their fund accounts a minimum of $1,000 and a
maximum equal
- 7 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1996 AND 1995
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
to the lesser of 50 percent of the participant's account balance or
$50,000. Loan transactions are treated as a transfer to (from) the
investment fund from (to) the participant loans. The loans are secured by
the balance in the participant's accounts and bear interest at a rate of
prime plus 1 percent. Interest rates range from 8.25% to 10.00%.
Participant repayment is usually within 5 years. Principal and interest is
paid through monthly payroll deductions.
3. SUMMARY OF ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting.
INVESTMENT VALUATION
Plan investments are stated at fair value. Shares of registered investment
companies are valued at quoted market prices. The WPC common stock fund is
valued at fair value which represents the net asset value of shares held
by the Plan at year-end, and represents the quoted market price of the
underlying WHX Common Stock and money market funds. Participant loans are
valued at cost, representing the amount loaned.
MEASUREMENT DATE
Purchases and sales of securities are recognized on the trade date.
DIVIDENDS
Dividends on mutual fund shares and on the Corporation's common stock are
credited to each Participant's account, as appropriate, for shares or
units held at the date of record.
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.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amount of assets at the date of the
financial statements. Actual amounts could differ from these estimates.
- 8 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1996 AND 1995
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.
<TABLE>
<CAPTION>
DECEMBER 31,
1996 1995
<S> <C> <C> <C>
INVESTMENTS AT FAIR VALUE AS DETERMINED BY
QUOTED MARKET PRICE:
Mutual Funds:
IDS Selective Fund, 146,695 and
134,446 shares, respectively $ 1,335,514 $ 1,291,353
IDS Mutual Fund, 217,760 and
181,106 shares, respectively 2,934,976 2,368,322
IDS New Dimensions Fund, 364,878 and
292,332 shares, respectively 7,555,883 5,048,861
IDS Stock Fund, 127,405 and 104,470 shares,
respectively 2,884,442 2,117,081
AIM Constellation Fund, 8,937 and 0 shares,
respectively 225,748 -
Templeton Foreign Fund, 15,734 and 0 shares,
respectively 163,006 -
Collective Trust Funds:
American Express Trust Collective Income
Fund II, 117,992 and 104,257 shares,
respectively 1,935,420 1,612,548
--------- ---------
Total investments at fair value as determined
by quoted market price 17,034,989 12,438,165
---------- ----------
INVESTMENTS AT FAIR VALUE:
WPC Common Stock Fund, 398,585
and 219,652 shares, respectively 1,869,695 1,252,267
--------- ---------
Total investments $ 18,904,684 $ 13,690,432
========== ==========
</TABLE>
- 9 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1996 AND 1995
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
5. RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds managed by American
Express Trust Company. American Express Trust Company is the trustee as
defined by the Plan and, therefore, these transactions qualify as
party-in-interest. The Plan does not pay fees for the investment
management services provided by the trustee.
6. PLAN TERMINATION
Although it has not expressed any intent to do so, the Corporation has the
right under the Plan to discontinue its contributions at any time and
terminate the Plan subject to the provisions of ERISA. In the event of
termination, all participants shall remain 100 percent vested in their
accounts.
7. TAX STATUS
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 IRC. The Plan
has been amended since receiving the determination letter. However, the
Plan Administrator and the Plan's tax counsel believe that the Plan is
designed and is currently being operated in compliance with the applicable
provisions of the IRC.
8. RISKS AND UNCERTAINTIES
The Corporation's labor agreement with the United Steelworkers of American
(USWA) expired on September 30, 1996. To date, the Corporation and USWA
have been unable to agree upon terms of a new labor agreement, covering
employees at eight plants located in Ohio, Pennsylvania and West Virginia.
No steel products are being produced at or shipped from these facilities.
A prolonged work stoppage will have a material adverse effect on the
financial condition and results of operations of the Corporation, and
likewise, may negatively affect the value of the WHX common stock and the
WPC Common Stock Fund.
- 10 -
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
ADDITIONAL INFORMATION
SCHEDULE I - ASSETS HELD FOR INVESTMENT PURPOSES - ITEM 27(A)
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
IDENTITY OF Description of investment
ISSUER,BORROWER, including maturity date, rate of
LESSOR OR SIMILAR interest, collateral, par or Current
PARTY maturity value Cost value
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
American Express American Express Trust $1,780,044 $1,935,420
Trust Co.* Collective Income Fund II,
117,992 shares
American Express IDS Selective Fund, $1,337,295 $1,335,514
Trust Co.* 146,695 Class Y shares
American Express IDS Mutual Fund, $2,710,151 $2,934,976
Trust Co.* 217,760 Class Y shares
American Express IDS New Dimensions Fund, $5,613,511 $7,555,883
Trust Co.* 364,878 Class Y shares
American Express IDS Stock Fund, $2,530,663 $2,884,442
Trust Co.* 127,405 Class Y shares
AIM Management AIM Constellation Fund $221,342 $225,748
Group 8,937 shares
Franklin Templeton Templeton Foreign Fund $157,318 $163,006
Group 15,734 shares
WHX Corp.* WPC Common Stock Fund, $2,474,232 $1,869,695
398,585 shares
N/A Participant Loans, interest rates $255,558 $255,558
from 8.25% to 10.00%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Indicates party-in-interest.
<PAGE>
WHEELING-PITTSBURGH STEEL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
ADDITIONAL INFORMATION
SCHEDULE II - TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5% OF THE
CURRENT VALUE OF PLAN ASSETS - ITEM 27(D)
<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 94 $2,144,473 - - $2,144,473 -
American Express IDS New Dimensions
Trust Co. Fund 67 - $748,121 $570,175 $748,121 $177,946
American Express IDS Mutual Fund
Trust Co. 54 $807,464 - - $807,464 -
American Express IDS Mutual Fund
Trust Co. 57 - $315,766 $286,355 $315,766 $29,411
American Express AETC Collective
Trust Co. Income Fund II 59 $677,654 - - $677,654 -
American Express AETC Collective
Trust Co. Income Fund II 62 - $459,175 $429,323 $459,175 $29,852
American Express IDS Stock Fund
Trust Co. 60 $3,153,957 - - $3,153,957 -
American Express IDS Stock Fund
Trust Co. 53 - $1,033,025 $828,112 $1,033,025 $204,913
WHX Corporation WPC Common
Stock Fund 39 $971,964 - - $971,964 -
WHX Corporation WPC Common
Stock Fund 58 - $79,634 $100,436 $79,634 $(20,802)
</TABLE>
<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 11, 1997 By:/s/
John W. Testa
Vice President - Secretary & Treasurer
Chairman-Wheeling-Pittsburgh Steel Corporation
Retirement Committee
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 11, 1997 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, 1996.
Price Waterhouse LLP
Pittsburgh, PA
June 27, 1997
