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CYCLOPS INDUSTRIES TO SHUT DOWN BRIDGEVILLE STAINLESS AND ALLOY PRODUCTS DIVISION OPERATIONS

 CYCLOPS INDUSTRIES TO SHUT DOWN
 BRIDGEVILLE STAINLESS AND ALLOY PRODUCTS DIVISION OPERATIONS
 PITTSBURGH, Jan. 17 /PRNewswire/ -- Cyclops Industries, Inc., (NYSE: CYC) headquartered here, today announced the permanent shutdown of the operations of its Bridgeville Stainless and Alloy Products division.
 The division, based in Bridgeville, Pa., employs about 250 persons. The decision to cease operations comes after repeated unsuccessful attempts to improve profitability at Bridgeville, including the negotiation of a new labor agreement, the company said. The division has suffered marginal financial performance over the past several years, Cyclops added.
 The shutdown will start immediately, the company said, and is expected to be completed during the first quarter of this year. Cyclops will take a charge against 1991 financial results.
 The Bridgeville Stainless and Alloy Products division produces semi-finished and finished stainless and tool steel in various forms for the power generation industry, steel service centers, forgers and other producers of finished stainless products. The division has been experiencing depressed pricing and a lack of volume in products across the board, the company said.
 Cyclops is a producer of flat-rolled stainless and carbon steel, high performance alloy products and tubular steel products. It also manufactures and erects metal panels and curtain wall for nonresidential buildings.
 -0- 1/17/92
 /CONTACT: Edward M. Romanoff of Cyclops, 412-571-6331/
 (CYC) CO: Cyclops Industries, Inc. ST: Pennsylvania IN: MNG SU:


DM -- PG010 -- 0961 01/17/92 11:49 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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