CHARLESTON, W.Va. | Wheeling-Pittsburgh Steel Co. executives defended the steelmaker's financial condition Friday as much improved since they took over the struggling company last December.

Chief Executive Jim Bouchard, President Craig Bouchard and other Wheeling-Pitt brass told Wall Street analysts the company has more working capital and greater ability to borrow money than when they took control. They also remain committed to the business plan they brought in, they said.

Wheeling-Pitt will get a big financial boost when the Bouchard's Illinois-based Esmark Inc. completes its takeover of the Wheeling-based steelmaker, they said. The deal is expected to close this fall and Wheeling-Pitt said it will immediately infuse between $50 million and $200 million of fresh equity into the company.

The comments came a day after Wheeling-Pitt disclosed that its outside accountant, PriceWaterhouseCoopers, has determined there's substantial doubt about the company's ability to continue as a going concern.

Craig Bouchard shrugged off the determination. "We're confident in our plan," he said. "We're moving on."

Jim Bouchard said Wheeling-Pitt could have borrowed $19 million under its revolving credit line last December and has steadily expanded that to $26 million in the first quarter and $39.5 million now.

The company also has $14 million in cash and is mulling a proposal to refinance its credit line, they said.

"We are comfortable with our liquidity positions," he said.

Meanwhile, Craig Bouchard explained the merger has proceeded slowly because Esmark had to audit the financial statements of 10 small, private steel companies it acquired over the past three years, a process that took longer than expected.

"I'm not expecting, at this point, anything to get in the way," he said.

Wheeling-Pitt employs about 3,100 people in West Virginia, Ohio and Pennsylvania. Its stock fell $1.92, or 10.62 percent, to $16.16 Friday afternoon.