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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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) December 29, 1999
Weirton Steel Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-10244 06-1075442
(State or other jurisdiction (Commission (IRS Employer
of incorporation or File Number) Identification
organization) No.)
400 Three Springs Drive
Weirton, West Virginia 26062-4989
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (304) 797-2000
Item 5. OTHER EVENTS.
On December 29, 1999, the Registrant sold a portion of its
MetalSite interest. The press release is attached hereto.
Media Contact: Gregg Warren, Director
Corporate Communications
(304) 797-2828
Analysts Contact: Rick Garan,
Assistant Treasurer
(304) 797-2728
Date: December 29, 1999
FOR IMMEDIATE RELEASE
WEIRTON STEEL SELLS PORTION OF METALSITE INTEREST;
STEELMAKER WILL STILL HOLD SIGNIFICANT SHARE OF METALSITE
WEIRTON, W.VA. Weirton Steel Corp. (NYSE: WS) today announced
it has sold a portion of its holdings in MetalSite L.P. to Internet
Capital Group Inc. (NASDAQ: ICGE), a leading Internet operating
company. Weirton Steel will receive approximately $180 million as
a result of the transaction, less the cost of completing the
transaction.
Weirton Steel, which developed the MetalSite concept, will
continue to own a significant share of the e-commerce company.
The transaction strengthens Weirton Steel's financial base
while enabling our company to continue to participate in
MetalSite's continuing success. We expect to use the amount
realized for corporate purposes, including debt reduction, said
Richard K. Riederer, Weirton Steel president and chief executive
officer.
We recognized the potential of doing business over the
Internet several years ago when Weirton Steel was the first to sell
steel on-line. Today, our role with MetalSite and the transaction
with Internet Capital Group continues our strategy of
creating a business with long-term viability and independence.
Riederer explained that the potential value of MetalSite has
yet to be fully realized by the metals industry and Weirton Steel's
shareholders.
MetalSite is revolutionizing the way metal is bought and sold,
making the
process more efficient and effective. This is just the beginning
of a truly independent
Page 2/Weirton Steel
December 29, 1999
global marketplace.
MetalSite, headquartered in Pittsburgh, sells prime and excess
prime steel
through its Web-site for various steel companies. MetalSite is a
partnership and began
operations in 1998.
Internet Capital Group is an Internet holding company actively
engaged in business-to-business e-commerce through a network of
partner companies. It provides operational assistance, capital
support, industry expertise and a strategic network of business
relationships intended to maximize the long-term potential of more
than 45 business-to-business e-commerce partner companies.
MetalSite has nearly 40 sellers on its Web-site including
industry leaders Bethlehem Steel, LTV Steel, Steel Dynamics,
Weirton Steel, WCI Steel and Ryerson Tull. In addition to the
buying and selling of metal products, MetalSite provides industry,
national and business news along with industry statistics.
Weirton Steel is the eighth largest U.S. integrated steel
company. It produces hot-rolled, cold-rolled, galvanized and tin-
plated steel products.
Additional contacts:
Mike Kelly, MetalSite, Director Corporate Communications, (412) 490-
4900, ext. 229.
Sherri Wolf, ICG, Managing Director of Investor Relations, (617) 338-
7171.
SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
WEIRTON STEEL CORPORATION
Dated: January 6, 2000 By:/s/William R. Kiefer
William R. Kiefer
Vice President - Law
And Secretary
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