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REPUBLIC ENGINEERED STEELS, INC. ANNOUNCES QUARTERLY FINANCIAL RESULTS

 MASSILLON, Ohio, Dec. 1 ~PRNewswire~ -- Republic Engineered Steels, Inc. had a break-even performance at the operating income level for the fiscal quarter ending Sept. 30, 1992. This compared with operating income of $3.8 million for the year earlier period. Republic's trade shipments for the quarter were 207,755 net tons generating sales revenue of $145.9 million. First quarter a year ago shipments were 189,201 net tons on sales of $136.5 million.
 Russell W. Maier, president and chief executive officer, attributed the performance to higher than anticipated costs for the quarter and continued weak pricing. "Shipments were above last year's level," he said, "but costs and prices were the major contributors to the fact that we only had a break-even operating income." Maier added, "Some of the cost problems were one-time non-recurring matters, such as a melt shop furnace breakdown. In other cases, however, we have taken steps to contain spending where it exceeded our budget."
 As he looked to the future, Maier stated, "Only recently have prices begun to increase on some product lines. Significant dumping margins found by the government against foreign importers of hot rolled leaded bars, coupled with major domestic producers presently being out of the market, have improved the pricing of that product." A preliminary dumping margin decision in the anti-dumping case against Brazil filed by Republic and Timken on hot rolled special quality bars and semi-finished steel is scheduled for early January.
 "We believe we have a strong case for a finding of sizeable margins which should influence prices upward for hot rolled bars," Maier said. "In addition, our order book has been increasing, especially for cold finished bars. While the economy has yet to begin a dramatic climb, we are sensing small but steady improvement. We expect to benefit from these improving trends," Maier concluded.
 Republic Engineered Steels, Inc., an employee-owned company, is the leading domestic producer of high-quality bar and specialty steels designed to meet the world's most demanding applications.
 Headquartered in Massillon, Ohio, Republic employs about 5,000 people and has plants in Canton and Massillon, Ohio; Beaver Falls, Pa.; Gary, Ind.; Willimantic, Conn., and Chicago.
 -0- 12~1~92
 ~CONTACT: Harold V. Kelly, vice president, law & public affairs of Republic Engineered Steels, Inc., 216-837-7045~


CO: Republic Engineered Steels, Inc. ST: Ohio IN: MNG SU: ERN

KK -- CL008 -- 2316 12~01~92 10:13 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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