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KAISER STEEL RESOURCES INC. ANNOUNCES RECORD FOURTH QUARTER AND YEAR-END RESULTS

 RANCHO CUCAMONGA, Calif., March 2 /PRNewswire/ -- Kaiser Steel Resources Inc. (NASDAQ: KSRI) today announced record results for the fourth quarter and year ended Dec. 31, 1992.
 Revenues for the year increased 15 percent to $9,943,765, compared to $8,634,940 for 1991. Net income climbed to $1,796,341, or $.18 per share, an increase of 65 percent over the $1,085,405, or $.11 per share, reported for the same period last year. Pre-tax income for 1992 totaled a record $2,495,883. Because of the company's net operating loss carryforwards (NOLs) in excess of $100 million, all of 1992's reported tax expense of $1,027,125 will not be payable. Net income for year end included an addition of $327,583 (or $.03 per share) for the cumulative effect of a required change in accounting treatment for income taxes.
 For the fourth quarter, revenues increased to $3,020,281 from $1,836,700 for the previous year's quarter. Net income rose more than four-fold to $546,517, or $.05 per share, from $120,600, or $.01 per share, in the fourth quarter of last year.
 According to Daniel N. Larson, president of Kaiser, "The company's profits stemmed primarily from revenues produced by our long-term water assets, comprised of a 51-percent ownership in Fontana Union Water Co. During 1992, after a two-year dispute, we finally resolved the issues concerning Fontana Union Water Co. and our lease arrangement, which resulted in decreased litigation costs and the full resumption of lease payments from Cucamonga County Water District for our interest in Fontana Union Water Co. Our water assets represent a growing source of revenue and earnings, which will provide a level of stability that enhances shareholder value and a substantial base upon which to build."
 Larson continued, "We believe the success of our operations in water resources serves as a meaningful testament to the viability of our business strategy: to turn dormant assets into profitable ones. We intend to apply that same strategy toward maximizing our other land and waste management resources."
 During 1992, the Riverside County Board of Supervisors approved the Environmental Impact Report and land-use applications for the Eagle Mountain Landfill Project, an important and critical step toward securing the remaining technical permits. The Eagle Mountain Landfill Project is being developed by Mine Reclamation Corp. on a portion of Kaiser's 11,350-acre former iron ore mine in the remote California desert.
 In the area of land redevelopment, the company is progressing in the development of a materials recycling facility, transfer station, and motorsports racing complex on a portion of its Southern California property.
 Kaiser Steel Resources Inc. is an emerging environmental resources company pursuing projects that address critical issues in Southern California, including solid waste management, water resources and property redevelopment.
 KAISER STEEL RESOURCES INC.
 Financial Highlights
 For Year Ended 1992
 For Year Ended For Year Ended
 Dec. 31, 1991 Dec. 31, 1992
 Revenues $8,634,940 $9,943,765
 Cost and expense,
 net of other income 6,872,535 7,447,882
 Income before taxes 1,762,405 2,495,883
 Income tax provision:
 Amount not accruable or payable 677,000 962,622
 Currently payable --- 64,503
 Income before cumulative
 effect of change in
 accounting principle 1,085,405 1,468,758
 Cumulative effect of change
 in accounting principle --- 327,583
 Net income 1,085,405 1,796,341
 Income per share before
 cumulative effect of change
 in accounting principle $.11 $.14
 Net income $.11 $.18
 As of As of
 Dec. 31, 1991 Dec. 31, 1992
 Cash and equivalents $9,110,588 $8,110,100
 Other assets 54,603,970 58,214,884
 Liabilities 8,520,988 8,574,064
 Stockholders' equity 55,193,570 57,750,920
 Book value per share $5.46 $5.68
 Weighted average
 shares outstanding 10,109,450 10,176,367
 -0- 3/2/93
 /CONTACT: Daniel N. Larson, president, or Pamela Catlett, director of investor relations, of Kaiser Steel, 909-944-4155; or Eugene G. Heller of Silverman, Heller Associates, 310-208-2550, for Kaiser Steel Resources/
 (KSRI)


CO: Kaiser Steel Resources Inc. ST: California IN: SU: ERN

JB-LS -- LA012 -- 2065 03/02/93 15:08 EST
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Date:Mar 2, 1993
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