CONTACT: JOSEPH A. CANNON      KEN C. JOHNSEN
Chairman and CEO               Executive Vice President         [LOGO OMITTED]
Phone:  (801) 227-9166         Phone: (801) 227-9321
Fax:  (801) 227-9075           Fax: (801) 227-9141

P.O. Box 2500
Provo, Utah 84603






PRESS RELEASE


                              GENEVA STEEL COMPANY
                ANNOUNCES CONFIRMATION OF PLAN OF REORGANIZATION


      VINEYARD, UTAH, NOVEMBER 21, 2000: Geneva Steel Company announced today
that its Plan of Reorganization was confirmed by the United States Bankruptcy
Court for the District of Utah on November 21, 2000. The objective of the Plan
is to restructure the Company's balance sheet to (i) significantly strengthen
the Company's financial flexibility throughout the business cycle; (ii) fund
required capital expenditures and working capital needs; and (iii) fulfill those
obligations necessary to facilitate emergence from Chapter 11. The Plan was
proposed jointly by the Company and the Official Committee of Bondholders in the
Company's Chapter 11 case. It was also supported by the Official Committee of
Unsecured Creditors.

      When consummated, the Plan will significantly reduce the Company's debt
burden and provide additional liquidity. The Company's prebankruptcy unsecured
creditors will receive, in lieu of cash payments, substantially all of the
common stock of the Company and the right to purchase convertible preferred
stock. The elimination of substantially all of the Company's prepetition debt
will significantly deleverage the Company. The prebankruptcy holders of the
Company's common and preferred stock will not receive a distribution under the
Plan.

      The Plan involves new financings in the form of a $110 million term loan
that is guaranteed 85% by the United States government, and a $125 million
revolving line of credit. The Company will also offer $25 million in convertible
preferred stock to its unsecured creditors. As a part of its amended plan, the
Company will release a standby purchaser for $10 million of the offering. The
standby purchaser for the remaining $15 million has informed the Company 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.

      The 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 85% 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 it has recently
confirmed.

      The Plan remains subject to consummation, which involves financial
closings on the contemplated financings and the fulfillment of other conditions.
The Company expects to close the financings in early December.

      "We believe that the Plan will 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 the financial issues that made
us vulnerable to market disruptions," said Joseph A. Cannon, chairman and chief
executive officer of the Company.

      The Company is represented by the firms of Cadwalader, Wickersham & Taft
and LeBoeuf, Lamb, Greene & MacRae LLP, as bankruptcy counsel, and The
Blackstone Group, L.P., as financial advisor.

      There can be no assurance at this time that the Plan will be consummated,
or that the Plan will achieve the objectives described above. Similarly, there
can be no assurance that the financings contemplated by the Plan can actually be
obtained on terms favorable to the Company, or at all.

      This press release may be deemed to contain certain forward-looking
statements with respect to the Company that are subject to risks and
uncertainties that include, but are not limited to, those identified in the
Company's press releases, the Disclosure Statement submitted with respect to the
Plan, or the Company's Securities and Exchange Commission filings. Actual
results may vary materially.

      Geneva Steel is an integrated steel mill operating in Vineyard, Utah. The
Company manufactures steel plate, hot-rolled coil, pipe and slabs for sale
primarily in the Western and Central United States.




                                      [End]


o For Immediate Release
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