Wheeling-Pitt foresees lowered quarter two income

Wheeling-Pitt foresees lowered quarter two income

West Virginia steel producer Wheeling-Pittsburgh Corp. has revised its second quarter income projections downward as much $10 million. Continued softness in the flat-rolled market will account for a four percent decline in shipments from 566’000 tons to 545’000 tons, according to WP spokesman Jim Kosowski. He also expects total production to drop over eight percent from 648’000 tons to 600’000 tons. WP will not complete a joint venture with Severstal North America for a coke plant in Follansbee, West Virginia because the proper permissions and approvals could not be secured, Kosowski said. WP, headquartered in Wheeling, W.Va, produces carbon flat-rolled products for various sectors such as construction, container, appliance, and automotive.