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FLORIDA PROGRESS SUBSIDIARY ACQUIRESASSETS OF STEEL PROCESSING SERVICES, INC. AND AFFILIATES

 ST. PETERSBURG, Fla., June 4 /PRNewswire/ -- Corbin Railway Service Company has significantly expanded its business operations in nine states by acquiring the assets of Alabama-based Steel Processing Services, Inc. and affiliate companies, whose rail repair and reclamation operations have total sales in excess of $100 million a year.
 Corbin Railway is a unit of Florida Progress Corporation's (NYSE: FPC) coal mining and transportation subsidiary, Electric Fuels Corporation, which has annual sales of $500 million. Corbin's business operations to date have included railcar repair and railcar wheel and parts reconditioning at five locations in four states. At closing, Florida Progress changed Corbin's name to Progress Rail Services Corporation to better reflect the company's increased scope of operations.
 The acquisition of privately held Steel Processing is an excellent strategic fit for Progress Rail Services Corporation. The operations of Steel Processing and its affiliates include railcar repair, railcar wheel and parts reconditioning, reclamation and reconditioning of railroad track material, and recycling of ferrous and nonferrous materials from facilities in nine states. The combined operations of the companies will allow Progress Rail Services to better serve the needs of the rail industry.
 By contract, terms of the acquisition are not being released.
 William P. Ainsworth, one of the former owners and president of Steel Processing, has been named president of Progress Rail Services. Ainsworth, who will be based in Albertville, Ala., will report to Richard D. Keller, president of Electric Fuels Corporation.
 Electric Fuels provides more than 10 million tons of coal each year to industrial and utility customers, including 5.5 million tons to Florida Power Corporation. In addition to coal mining and transportation, Electric Fuels also is involved in the production of lightweight aggregate from coal fly ash and the maintenance and repair of marine and rail transportation equipment. Continued growth in these areas is a strategic objective of Electric Fuels and Florida Progress.
 Florida Progress Corporation is a diversified utility holding company with assets of $5 billion. Its principal subsidiary is St. Petersburg-based Florida Power, the state's second largest electric utility. Diversified operations also include life insurance, real estate, and lending and leasing.
 -0- 6/4/93
 /CONTACT: Bill Warren of Florida Progress Corporation, 407-646-8266/
 (FPC)


CO: Florida Progress Corporation; Corbin Railway Service Company;
 Progress Rail Services Corporation; Steel Processing Services, Inc. ST: Florida, Alabama IN: UTI SU: TNM


AW-PC -- FL007X -- 5945 06/07/93 10:42 EDT
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Publication:PR Newswire
Date:Jun 7, 1993
Words:397
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