Wheeling-Pittsburgh Steel and Ohio Coatings Company Announce Tin Mill Distribution Agreements

Apr 03, 2001, 01:00 ET from Wheeling-Pittsburgh Steel Corporation

    WHEELING, W.Va., April 3 /PRNewswire/ -- Wheeling-Pittsburgh Steel
 Corporation (NYSE:   WHX) and Ohio Coatings Company announced today that they
 entered into agreements with Nippon Steel Trading America, Inc. involving the
 distribution of Ohio Coatings' tin mill products.  The new agreements are
 designed to improve the liquidity and profitability of both
 Wheeling-Pittsburgh Steel and Ohio Coatings.
     Under the distribution agreements signed April 1, Wheeling-Pittsburgh
 Steel remains the exclusive distributor for all Ohio Coatings' tin mill
 products.  In addition, Wheeling-Pittsburgh Steel appoints Nippon Steel
 Trading America, Inc., as its distributor.
     "Currently, WPSC is forced to commit significant working capital to the
 financing of tin inventory and accounts receivable from customers for tin mill
 products," Wheeling-Pittsburgh Steel said in court documents.  "The NSA
 Distribution Agreement remedies this situation."
     Ohio Coatings Company was created as a joint venture between
 Wheeling-Pittsburgh and Dongyang (Korea).  Nippon Steel Trading America
 (formerly Nittetsu Shoji America, Inc.) holds a preferred stock position in
 Ohio Coatings.  Ownership in Ohio Coatings is unaffected by these agreements.
     OCC is located in Yorkville, OH, and is the only domestic electro-tin
 plating facility constructed in the past 30 years.  It supplies tin plate to
 the container and automotive industries.
 
 

SOURCE Wheeling-Pittsburgh Steel Corporation
    WHEELING, W.Va., April 3 /PRNewswire/ -- Wheeling-Pittsburgh Steel
 Corporation (NYSE:   WHX) and Ohio Coatings Company announced today that they
 entered into agreements with Nippon Steel Trading America, Inc. involving the
 distribution of Ohio Coatings' tin mill products.  The new agreements are
 designed to improve the liquidity and profitability of both
 Wheeling-Pittsburgh Steel and Ohio Coatings.
     Under the distribution agreements signed April 1, Wheeling-Pittsburgh
 Steel remains the exclusive distributor for all Ohio Coatings' tin mill
 products.  In addition, Wheeling-Pittsburgh Steel appoints Nippon Steel
 Trading America, Inc., as its distributor.
     "Currently, WPSC is forced to commit significant working capital to the
 financing of tin inventory and accounts receivable from customers for tin mill
 products," Wheeling-Pittsburgh Steel said in court documents.  "The NSA
 Distribution Agreement remedies this situation."
     Ohio Coatings Company was created as a joint venture between
 Wheeling-Pittsburgh and Dongyang (Korea).  Nippon Steel Trading America
 (formerly Nittetsu Shoji America, Inc.) holds a preferred stock position in
 Ohio Coatings.  Ownership in Ohio Coatings is unaffected by these agreements.
     OCC is located in Yorkville, OH, and is the only domestic electro-tin
 plating facility constructed in the past 30 years.  It supplies tin plate to
 the container and automotive industries.
 
 SOURCE  Wheeling-Pittsburgh Steel Corporation