Exhibit 99.2


CONTACT: JOSEPH A. CANNON                                           GENEVA STEEL
Chairman and CEO
Phone: (801) 227-9166
Fax: (801) 227-9075

P.O. Box 2500
Provo, Utah 84603


PRESS RELEASE
FOR IMMEDIATE RELEASE


                 GENEVA STEEL EMERGES FROM CHAPTER 11 BANKRUPTCY


     VINEYARD, UTAH, JANUARY 3, 2001 (NASDAQ: GNVH): Geneva Steel Holdings
Corp., a newly formed Delaware corporation, announced today that the Plan of
Reorganization for Geneva Steel Company, which was confirmed by the United
States Bankruptcy Court for the District of Utah, has been consummated. With
consummation of the Plan, the successor to Geneva Steel Company has emerged from
Chapter 11 bankruptcy. The objectives of the Plan include to (i) significantly
strengthen Geneva's balance sheet; (ii) fund required capital expenditures and
working capital needs; and (iii) fulfill all other obligations associated with
emergence from Chapter 11. The Plan was proposed jointly by Geneva and the
Official Committee of Bondholders in the Chapter 11 case. It was also supported
by the Official Committee of Unsecured Creditors.

     In connection with consummation of the Plan, Geneva Steel Company effected
a corporate restructuring. Pursuant to the Plan, Geneva Steel Holdings Corp., a
NASDAQ_listed, publicly-traded company was formed. Through a series of mergers
with newly formed entities, Geneva Steel Company was transformed from a Utah
corporation into a Delaware limited liability company wholly-owned by Geneva
Steel Holdings Corp. In addition, Geneva Steel Holdings Corp. owns certain
subsidiaries previously owned by Geneva Steel Company and two newly formed
Delaware limited liability companies that hold, respectively, certain
undeveloped real property and the iron ore mines previously owned by Geneva
Steel Company. Geneva Steel Holdings Corp. and Geneva Steel LLC have
interlocking boards of ten members, seven of whom have not previously served on
Geneva Steel Company's board.

     Consummation of the Plan involved two new debt financings at Geneva Steel
LLC in the form of a $110 million term loan that is eighty-five-percent
guaranteed by the United States government, and a $125 million revolving line of
credit. The Plan also contemplates an offering of $25 million in convertible
preferred stock of Geneva Steel Holdings Corp. to prebankruptcy unsecured
creditors. As part of consummation of the Plan, Geneva released a standby
purchaser for $10 million of the offering. The standby purchaser for the
remaining $15 million has previously informed Geneva that it believes it is
released from its standby commitment. Consequently, there can be no assurance
that any proceeds will be raised through the convertible preferred stock
offering.

     Geneva Steel Company, with Citicorp USA, filed an application on January
31, 2000, for a U.S. government loan guarantee under the Emergency Steel Loan
Guarantee Program. The application sought an eighty-five-percent guarantee for
the $110 million term loan incorporated into the Plan. The Emergency Steel Loan
Guarantee Board extended an offer of guarantee to Citicorp USA on June 30, 2000,
which the board confirmed just prior to consummation of the Plan.

     The Plan significantly reduces Geneva's debt burden and provides additional
liquidity. The Plan gives prebankruptcy unsecured creditors, in lieu of cash
payments, substantially all of the common stock of Geneva Steel Holdings Corp.
and the right to purchase convertible preferred stock of Geneva Steel Holdings
Corp. The elimination of substantially all of Geneva's prepetition debt will
significantly deleverage Geneva. The prebankruptcy holders of Geneva's common
and preferred stock did not receive a distribution under the Plan.

     "We believe that the Plan can achieve our stated objectives and position
Geneva as a strong competitor. Although the Chapter 11 process has been
difficult, it has allowed the Company to address many of the financial issues
that made us vulnerable to market disruptions," said Joseph A. Cannon, chairman
and chief executive officer of the Company.

     There can be no assurance that the Plan will be successful or that it will
achieve the objectives described above. This press release may be deemed to
contain certain forward-looking statements with respect to Geneva that are
subject to risks and uncertainties that include, but are not limited to, those
identified in the Geneva's press releases, the Disclosure Statement submitted
with respect to the Plan, or Geneva's Securities and Exchange Commission
filings. Actual results may vary materially.

     Geneva Steel Holdings Corp., through Geneva Steel LLC, owns an integrated
steel mill operating in Vineyard, Utah. The mill manufactures steel plate,
hot-rolled coil, pipe and slabs for sale primarily in the western and central
United States.

                                      [End]

FOR IMMEDIATE RELEASE