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GENEVA STEEL ANNOUNCES RATIFICATION OF CONTRACT WITH THE UNITED STEELWORKERS OF AMERICA

 VINEYARD, Utah, Sept. 2 /PRNewswire/ -- Geneva Steel (NYSE: GNV; PSE) announced today that its bargaining unit employees have ratified the agreement reached between the company and the United Steelworkers of America.
 "We're pleased to have the agreement in place and look forward to moving ahead," said Joseph A. Cannon, chairman and chief executive officer. "The agreement is a win-win result for both the company and its employees, and is a fitting way to mark Geneva's six-year anniversary."
 With the exception of certain economic terms, the new contract is essentially an extension of the existing contract provisions. The 18-month contract provides an immediate across-the-board wage increase of $.25 per hour and an additional $.15 per hour increase one year from now. The agreement includes the company's performance dividend plan, which rewards employees for increased productivity. Compensation under the plan for attaining an annual production rate of 1.5 million tons will be guaranteed, thus assuring employees a $.33 per hour payment in addition to the across-the-board increases. Additional compensation under the plan is based upon increased plant-wide production levels.
 Geneva Steel is the only integrated steel mill operating west of the Mississippi River. The company manufactures hot-rolled steel sheet, plate and pipe for sale primarily in the western and central United States.
 -0- 9/2/93
 /CONTACT: Dennis L. Wanlass of Geneva Steel, 801-227-9302/
 (GNV)


CO: Geneva Steel ST: Utah IN: MNG SU:

SM-LG -- NY042 -- 8366 09/02/93 11:01 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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