SC 13G 1 d238255644.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 SCHEDULE 13G WHX Corporation ------------------------------------------------------------------------------ (Name of Issuer) Common Stock, $0.01 Par Value Per Share ------------------------------------------------------------------------------- (Title of Class of Securities) 929248508 ------------------------------------------------------------------------------ (CUSIP Number of Class of Securities) December 28, 2006 ------------------------------------------------------------------------------ (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] RULE 13d-1(b) [X] RULE 13d-1(c) [ ] RULE 13d-1(d) CUSIP No. 929248508 Page 2 of 9 Pages ________________________________________________________________________________ 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Wynnefield Partners Small Cap Value, L.P. 13-3688497 ________________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] Reporting person is affiliated with other persons. ________________________________________________________________________________ 3. SEC USE ONLY ________________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 175,762 Shares _________________________________________________________________ BENEFICIALLY 6. SHARED VOTING POWER OWNED BY _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 175,762 Shares _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH ________________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 175,762 Shares ________________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ________________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 1.8% ________________________________________________________________________________ 12. TYPE OF REPORTING PERSON* PN ________________________________________________________________________________ CUSIP No. 929248508 Page 3 of 9 Pages ________________________________________________________________________________ 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Wynnefield Partners Small Cap Value, L.P. I 13-3953291 ________________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] Reporting person is affiliated with other persons. ________________________________________________________________________________ 3. SEC USE ONLY ________________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 254,353 Shares _________________________________________________________________ BENEFICIALLY 6. SHARED VOTING POWER OWNED BY _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 254,353 Shares _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH ________________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 254,353 Shares ________________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ________________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.5% ________________________________________________________________________________ 12. TYPE OF REPORTING PERSON* PN ________________________________________________________________________________ CUSIP No. 929248508 Page 4 of 9 Pages ________________________________________________________________________________ 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Wynnefield Small Cap Value Offshore Fund, Ltd. (No IRS Identification No.) ________________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] Reporting person is affiliated with other persons. ________________________________________________________________________________ 3. SEC USE ONLY ________________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands ________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 199,480 Shares _________________________________________________________________ BENEFICIALLY 6. SHARED VOTING POWER OWNED BY _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 199,480 Shares _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH ________________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 199,480 Shares ________________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ________________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.0% ________________________________________________________________________________ 12. TYPE OF REPORTING PERSON* CO ________________________________________________________________________________ CUSIP No. 929248508 Page 5 of 9 Pages ________________________________________________________________________________ 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Wynnefield Capital Management, LLC 13-4018186 ________________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] Reporting person is affiliated with other persons. ________________________________________________________________________________ 3. SEC USE ONLY ________________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION New York ________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 430,115 Shares(1) _________________________________________________________________ BENEFICIALLY 6. SHARED VOTING POWER OWNED BY _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 430,115 Shares(1) _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH ________________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 430,115 Shares(1) ________________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ________________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 4.3%(1) ________________________________________________________________________________ 12. TYPE OF REPORTING PERSON* OO (Limited Liability Company) ________________________________________________________________________________ (1) Wynnefield Capital Management, LLC holds an indirect beneficial interest in these shares which are directly beneficially owned by Wynnefield Partners Small Cap Value, L.P. and Wynnefield Partners Small Cap Value, L.P. I. CUSIP No. 929248508 Page 6 of 9 Pages ________________________________________________________________________________ 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Wynnefield Capital, Inc. (No IRS Identification No.) ________________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] Reporting person is affiliated with other persons. ________________________________________________________________________________ 3. SEC USE ONLY ________________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands ________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 199,480 Shares(1) _________________________________________________________________ BENEFICIALLY 6. SHARED VOTING POWER OWNED BY _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 199,480 Shares(1) _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH ________________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 199,480 Shares(1) ________________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ________________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.0%(1) ________________________________________________________________________________ 12. TYPE OF REPORTING PERSON* CO ________________________________________________________________________________ (1) Wynnefield Capital, Inc. holds an indirect beneficial interest in these shares which are directly beneficially owned by Wynnefield Small Cap Value Offshore Fund, Ltd. ITEM 1(a). Name of Issuer: WHX Corporation ITEM 1(b). Address of Issuer's Principal Executive Offices: 555 Theodore Fremd Avenue, Rye, NY 40580 --------------------------------------------------------------------- ITEM 2(a). Names of Persons Filing: Wynnefield Partners Small Cap Value, L.P. ("Partners") ------------------------------------------------------------------- Wynnefield Partners Small Cap Value, L.P. I ("Partners I") ------------------------------------------------------------------- Wynnefield Small Cap Value Offshore Fund, Ltd. ("Fund") ------------------------------------------------------------------- Wynnefield Capital Management, LLC ("WCM") ------------------------------------------------------------------- Wynnefield Capital, Inc. ("WCI") ------------------------------------------------------------------- ITEM 2(b). Address of Principal Business Office Or, If None, Residence: 450 Seventh Avenue, Suite 509, New York, New York 10123 ------------------------------------------------------------------- ITEM 2(c). Citizenship: Partners and Partners I are Delaware Limited Partnerships ------------------------------------------------------------------- Fund and WCI are Cayman Islands Companies ------------------------------------------------------------------- WCM is a New York Limited Liability Company ------------------------------------------------------------------- ITEM 2(d). Title of Class of Securities: Common Stock, $0.01 Par Value Per Share ------------------------------------------------------------------- ITEM 2(e). CUSIP Number: 929248508 ITEM 3. If this Statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or (c), check whether the person filing is: None of the reporting persons is an entity specified in Rule 13d-1(b)(1)(ii). Page 7 of 9 ITEM 4. Ownership: (a) Amount beneficially owned by all reporting persons: 629,595 Shares (b) Percent of class: 6.3% of Common Stock (c) Number of shares as to which the reporting persons have: (i) sole power to vote or to direct the vote: 629,595 Shares (ii) shared power to vote or to direct the vote (iii) sole power to dispose or to direct the disposition: 629,595 Shares (iv) shared power to dispose or to direct the disposition ITEM 5. Ownership of five percent or less of a class. Not applicable. ITEM 6. Ownership of more than five percent on behalf of another person. Not applicable. ITEM 7. Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company. Not applicable. ITEM 8. Identification and classification of members of the group. None of the reporting persons who have filed this schedule is a person, as defined in Rule 13d-1(b)(1)(ii), promulgated pursuant to the Securities Exchange Act of 1934. ITEM 9. Notice of dissolution of group. Not applicable. Page 8 of 9 ITEM 10. Certifications. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection or as a participant in any transaction having that purpose or effect. Dated: January 4, 2007 WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. By: Wynnefield Capital Management, LLC, General Partner By: /s/ Nelson Obus ------------------------------------------- Nelson Obus, Managing Member WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I By: Wynnefield Capital Management, LLC, General Partner By: /s/ Nelson Obus ------------------------------------------- Nelson Obus, Managing Member WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD. By: Wynnefield Capital, Inc. By: /s/ Nelson Obus ------------------------------------------- Nelson Obus, President WYNNEFIELD CAPITAL MANAGEMENT, LLC By: /s/ Nelson Obus ------------------------------------------------- Nelson Obus, Managing Member WYNNEFIELD CAPITAL, INC. By: /s/ Nelson Obus ------------------------------------------------- Nelson Obus, President Page 9 of 9