September 08, 2008

WCI Steel announces increase in credit facility

WCI Steel Inc announced that it has increased the size of its current credit facility by USD 25 million to a total of USD 175 million. The company currently has USD 127.5 million borrowed under the credit facility and over USD 20 million in cash.

Mr Leonard M Anthony president & CEO WCI Steel Inc said that “The additional borrowing capacity provides WCI Steel with increased financial flexibility and demonstrates the commitment of our lender-owner group. Our operations are now at full capacity allowing us to participate in today’s strong market for steel. The new walking beam furnace at the hot strip mill is helping WCI Steel improve product quality, lower its costs and reduce energy consumption.”

Mr Anthony concluded that “WCI Steel has overcome difficult operational challenges in the past year because of the support of our customers, employees and suppliers. We have invested over USD 100 million in our operations since May 1st 2006 to further improve quality, throughput and environmental compliance. We are all working to make WCI Steel successful for the long term as a niche producer in the competitive global steel marketplace.”