Esmark Incorporated and Wheeling-Pittsburgh Corporation Participate in Purchase of ArcelorMittal USA’s Sparrows Point Facility

Esmark Incorporated and Wheeling-Pittsburgh Corporation Participate in Purchase of ArcelorMittal USA’s Sparrows Point Facility

Esmark Incorporated and Wheeling-Pittsburgh Corporation confirmed today that a joint venture sponsored by both companies has entered into a definitive agreement to purchase substantially all of the assets of ArcelorMittal USA’s Sparrows Point facility and operations. Other investors in the new company, to be called E2 Acquisition Corporation, are comprised of industry and institutional investors.

ArcelorMittal’s Sparrows Point facility is a former Bethlehem Steel plant that is a fully integrated steel-making facility capable of producing 3.9 million tons of raw steel annually. Products made at Sparrows Point include hot-rolled sheet, cold-rolled sheet, galvanized sheet, Galvalume(TM), tin mill products and semi-finished steel.

James P. Bouchard, who holds the dual and independent positions of Chairman and CEO of Esmark Incorporated and Wheeling-Pittsburgh Corporation, said, “Esmark and Wheeling-Pittsburgh Corporation jointly led the efforts to establish the investor group and to conclude the agreement with ArcelorMittal. We are proud to be part of the new company that will own Sparrows Point. We expect that this operation will be a strong partner and vital supplier to both Esmark and Wheeling-Pittsburgh.

“The new corporation will be an independently operated and managed steel company with strong Wall Street backing, which will be led by Craig T. Bouchard as its Chairman and CEO,” said James P. Bouchard. “Upon the closing of the transaction, Craig will relinquish all of his responsibilities with both Esmark and Wheeling-Pitt. At that time, Tom Modrowski will be named President of Wheeling-Pittsburgh Corporation and assume Craig’s responsibilities. I would like to thank Craig for his tireless efforts and dedication to Esmark and to Wheeling-Pittsburgh.”

Speaking on behalf of the new company, Craig T. Bouchard anticipates a number of important benefits for customers moving forward.

“Sparrows Point has state-of-the-art facilities, full ocean access for import and export, and a product offering that produces a full line of sheet construction and tin products for a number of industries,” he explained. “We will commit ourselves to provide low-cost North American slab, tin and flat-rolled products. We will also work to enhance our existing customer relationships and strengthen our excellent working relationship with the United Steelworkers of America.”

“This is an exciting time to be in the steel business,” said Craig T. Bouchard. “We look forward to this new challenge with great anticipation and high expectations, and I personally thank Jim Bouchard for his vision and leadership in accomplishing this acquisition.”

Terms of the agreement with ArcelorMittal were not disclosed. The acquisition is subject to customary closing conditions as well as the approval by the U.S. Department of Justice, and is anticipated to close within 90 days. Wheeling-Pittsburgh and Esmark will individually and collectively have a minority interest in the new company, and each company expects to treat its equity interest as a cost investment for accounting purposes.

About Esmark Incorporated

Headquartered in Chicago and founded by the Bouchard Group, Esmark Incorporated is a steel services family of companies. The mission of Esmark is to establish the benchmark standards for strategic consolidation, operating efficiency and management excellence in the steel services sector. More information about Esmark can be found at www.esmark.com.

About Wheeling-Pittsburgh Corporation

Wheeling-Pittsburgh is a steel company engaged in the making, processing and fabrication of steel and steel products using both integrated and electric arc furnace technology. The Company’s products include hot rolled and cold rolled sheet and coated products such as galvanized, pre-painted and tin mill sheet. The Company also produces a variety of steel products including roll formed corrugated roofing, roof deck, floor deck, bridgeform and other products used primarily by the construction, highway and agricultural markets. More information about Wheeling-Pitt can be found at www.wpsc.com.

This press release contains forward-looking statements. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, factors relating to (i) the risk that the conditions to closing under the purchase agreement for the Sparrows Point facility may not be satisfied, (ii) the risk that Wheeling-Pittsburgh and E2 Acquisition Corporation may not be able to finalize definitive terms for certain supply agreements, including a slab supply agreement, (iii) the risk that Wheeling-Pittsburgh and/or Esmark Incorporated will derive any benefits from its minority ownership position in E2 Acquisition Corporation, (iv) in other risks identified in “Item 1A -Risk Factors” section of Wheeling-Pittsburgh’s Annual Report on Form 10-K for the year ended December 31, 2006 and other reports and filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Wheeling-Pittsburgh’s views only as of today and should not be relied upon as representing its views as of any subsequent dates. While Wheeling-Pittsburgh may elect to update forward-looking statements from time to time, it specifically disclaims any obligation to do so.