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KAISER STEEL RESOURCES INC. REPORTS INCREASED FIRST QUARTER EARNINGS

 RANCHO CUCAMONGA, Calif., May 5 /PRNewswire/ -- Kaiser Steel Resources Inc. (NASDAQ: KSRI) today announced increased revenues and earnings for its first quarter ended March 31, 1993.
 Revenues for the quarter were $2.2 million, a 22 percent increase over the $1.8 million reported for the same period last year. Net income jumped 350 percent to $296,100, or $0.03 per share, compared with $65,800, or $0.01 per share, for the first quarter of 1992. Because of the partial utilization of the company's net operating loss carryforwards (totaling in excess of $105 million), approximately 93 percent of the company's reported tax expense is not payable and is reflected as an increase in stockholders' equity. Consequently, the company regards its pre-tax income of $521,100 vs. $112,600 for last year as an important measure of its financial performance.
 The rise in revenues was derived primarily from the company's majority ownership in Fontana Union Water Co., a California mutual water company. Kaiser leases its water resources to Cucamonga County Water District (CCWD) in a 102-year, take-or-pay agreement with lease revenues tied to rates established by Metropolitan Water District of Southern California (MWD). This water lease enables CCWD to serve 120,000 residents and businesses with a long-term, high-quality water supply at a cost considerably less than that provided by alternative imported water supplies available through MWD.
 Since the first quarter of 1992, Kaiser favorably resolved a two- year legal dispute over its water resource and received the benefit of a 21 percent increase in MWD's rates effective July 1992. MWD recently announced another 18.2 percent rate increase effective July 1993.
 Daniel N. Larson, president of Kaiser Steel Resources, said, "We expect our water resources will continue to produce an attractive and growing revenue stream over the long term, which is further enhanced by our tax benefits and the limited costs associated with our water assets."
 The company also reported progress on the Eagle Mountain Landfill Project, a rail-haul, non-hazardous, solid waste landfill in the remote Riverside desert. During the quarter, as part of the ongoing permitting process related to the Eagle Mountain Landfill Project, Mine Reclamation Corp., the company developing Eagle Mountain, submitted permit applications to the Regional Water Control Board and the South Coast Air Quality Management District.
 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 the Quarter Ended March 31, 1993
 For the Quarter Ended For the Quarter Ended
 March 31, 1993 March 31, 1992
 Revenues $2,167,000 $1,773,700
 Cost & expense, net of
 other income 1,645,900 1,661,100
 Income before taxes 521,100 112,600
 Income tax provision:
 Amount not accruable or
 payable 209,000 43,400
 Currently payable 16,000 3,400
 Net income 296,100 65,800
 Net income per share $0.03 $0.01
 As of March 31, 1993 As of March 31, 1992
 Cash & equivalents $9,482,300 $8,444,100
 Other assets 65,277,400 55,446,400
 Liabilities 10,693,100 8,578,200
 Stockholders' equity 64,066,600 55,312,300
 Book value per share $6.13 $5.44
 Average shares
 outstanding 10,454,200 10,162,000
 -0- 5/5/93
 /CONTACT: Daniel N. Larson, president, or Pamela Catlett, director of investor relations, of Kaiser Steel Resources, 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: ENV SU: ERN

MS-BP -- LA006 -- 4727 05/05/93 09:04 EDT
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Publication:PR Newswire
Date:May 5, 1993
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