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GOV. CASEY ISSUES STATEMENT ON SHARON STEEL

 HARRISBURG, Pa., Nov. 30 ~PRNewswire~ -- Gov. Robert P. Casey today issued the following statement on Sharon Steel Corp.'s decision to file for Chapter 11 protection:
 "It is regrettable that Sharon Steel Corp. has been unable to assemble the financing the company requires to operate and to modernize its facilities in Farrell.
 "I give my personal assurance to the employees of Sharon Steel and the people of the Shenango Valley that I will continue to work with the company in the course of bankruptcy proceedings to preserve as much of the business operations and as many jobs as possible.
 "I have a strong commitment to Sharon Steel dating to 1987. My Secretary of Commerce and I have personally gone to extraordinary lengths in the past year to help the company restructure and upgrade its operations.
 "We have pledged an additional $9 million toward the purchase of a continuous caster that would help make Sharon Steel competitive and cost-effective. That commitment stands. These funds would be in addition to the $3 million in state funds that helped Sharon Steel reline one of its blast furnaces in 1987.
 "Sharon Steel Corp. has long been the linchpin of the Shenango Valley's economy. We will continue to provide whatever financial assistance and support we can to help the company, the working men and women of the Shenango Valley and their families during this difficult period."
 ~delval~
 -0- 11~30~92
 ~CONTACT: Jon Harwood of the Commonwealth News Bureau, 717-783-1132~


CO: Pennsylvania Governor's Office; Sharon Steel Corp. ST: Pennsylvania IN: SU:

CC -- PH031 -- 2102 11~30~92 17:19 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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