WEIRTON, W.Va. -- Weirton Steel Corporation (OTCBB:WRTL) today reported a net loss of $180.0 million, or $4.34 per diluted share of common stock, in the fourth quarter of 2001. Excluding a restructuring charge of $129.0 million related to an early retirement program, the net loss for the fourth quarter of 2001 was $51.0 million, or $1.23 per diluted share. This compares with a net loss of $60.1 million, or $1.46 per diluted share, for the same period in 2000. Net sales for the fourth quarter of 2001 were $226.5 million on shipments of 512,900 tons, compared to $210.1 million on 470,800 tons of shipments for the same period of 2000.

For the year ended December 31, 2001, the Company reported a net loss of $533.3 million, or $12.85 per diluted share. These results included restructuring charges of $141.3 million and a charge of $153.8 million to fully reserve Weirton’s deferred tax assets. Excluding these items, the net loss for 2001 was $238.2 million, or $5.74 per diluted share. The net loss for 2000 was $85.1 million, or $2.06 per diluted share. Net sales in 2001 were $960.4 million on shipments of 2,231,400 tons compared to $1,117.8 million on shipments of 2,447,800 tons in 2000.

During the fourth quarter of 2001, the Company finalized a $200 million senior credit facility with Fleet Capital Corporation together with vendor financing programs and a work force reduction plan to be fully implemented by the end of the First Quarter 2002.

In addition, the Company filed a Registration Statement on Form S-4 on November 1, 2001 (followed by subsequent amendments on November 21, 2001 and November 30, 2001) regarding a proposed exchange offer and consent solicitation relating to the Company’s outstanding 11 3/8% Senior Notes due 2004 and 10 ¾% Senior Notes due 2005 (collectively, the Senior Notes). In addition, the City of Weirton, West Virginia has agreed to make a similar offer and consent solicitation for its 8 5/8% Pollution Control Revenue Refunding Bonds, which are secured by the Company’s obligation to pay the City of Weirton under a related loan agreement. An unofficial committee comprised of holders of a majority of the outstanding Senior Notes has been formed and, through its financial and legal advisors, is negotiating the terms of the proposed exchange offer with the Company.

"The past several years of surging and unfairly priced steel imports, coupled with the sluggish economy, adversely affected the financial results for the fourth quarter and the entire year of 2001. During the year, steel selling prices were driven to their lowest levels in many years. We look forward to President Bush’s decision on remedies to deal with the import problem," said John H. Walker, president and chief executive officer.

Any statement contained in this release, other than historical information, is forward-looking. A variety of factors could cause business conditions and the Company’s actual results and experience to differ materially from those expected by the Company or expressed in the Company’s forward-looking statements. Additional information concerning these factors is available in the Company’s most recent Annual Report and filings with the Securities and Exchange Commission.

Weirton Steel operates an integrated flat rolled steel producing plant in Weirton, W.Va. (http://www.weirton.com)