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IMMEDIATE RELEASE For further information contact:
September 8, 2000 James W. Hoekwater, Treasurer
Acme Metals Incorporated
(708) 841-8383, ext. 2558
WCI FORMALIZES INTEREST IN ASSETS OF ACME STEEL
RIVERDALE, Illinois, September 8, 2000--Acme Metals Incorporated today stated it
has filed a motion in U.S. Bankruptcy Court, Delaware District, seeking approval
for expense reimbursement and establishing bidding procedures, including
provisions for a break-up fee and minimum overbid in certain circumstances,
relating to a potential sale of the operating assets of its wholly owned
subsidiary, Acme Steel Company, to WCI Steel, Inc. The motion includes a
non-binding term sheet outlining the significant terms of a potential purchase
agreement by WCI. Acme and WCI intend to negotiate toward a definitive purchase
agreement subject to the completion of due diligence. Acme is being advised
during the process by the New York office of Wasserstein Perella & Co., Inc.
Acme Metals Incorporated, the parent company of Acme Steel Company, through its
operating subsidiaries, is a fully integrated producer of steel, steel strapping
and strapping products, and welded steel tubing. On September 28, 1998, Acme
Metals and its subsidiaries filed separate voluntary petitions for protection
and reorganization under Chapter 11 of the United States Code. The Company is in
possession of its properties and assets and continues to manage its business as
debtor-in-possession subject to the supervision of the Bankruptcy Code. Its
common stock is listed on the Bulletin Board of the National Association of
Securities Dealers under the symbol AMIIQ.
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