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West Virginia-based Wheeling-Pittsburgh Steel plans stock sale.
Knight Ridder/Tribune Business News, July, 2004
By Len Boselovic, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Jul. 2--The parent of Wheeling-Pittsburgh Steel plans to sell 3.1 million new shares, increasing the number of its shares by 30 percent at a time when investors have a soft spot for steel stocks.
Wheeling-Pittsburgh Corp. also said a trust for union retirees that owns just less than 40 percent of the steelmaker's stock will sell 357,600 of its roughly 4 million shares at the same time.
Shares of the West Virginia steelmaker closed yesterday at $20.80, down 6 cents. The shares were issued as part of Wheeling-Pitt's emergence from bankruptcy Aug. 1. They debuted Oct. 28 at $9.30 and have traded between $4.77 and $27.90 since then.
Steel shares have...
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