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REPUBLIC REPORTS QUARTERLY FINANCIAL RESULTS

 MASSILLON, Ohio, Feb. 3 /PRNewswire/ -- Republic Engineered Steels, Inc. today released its second fiscal quarter results, as well as year- to-date financial information. For the second fiscal quarter ending Dec. 31, 1992, Republic had operating income of $6.0 million. The quarterly performance this year improved significantly from an operating loss of $5.9 million for the second quarter a year ago. Year-to-date operating income was also $6.0 million, in view of a break-even first fiscal quarter.
 In announcing the results, Russell W. Maier, president and chief executive officer said, "I am obviously pleased with the financial turnaround from a year ago and the improvement over our first fiscal quarter performance. We continue to concentrate on the cost side of the business because pricing of our products remains at unacceptably low levels." He added, "The marketplace clearly is improving, even though it is slow improvement. Our December shipments -- historically a very slow month for steel -- were the best for a December since 1988. Favorable unfair trade case results, as well as competitors exiting the market have helped. However, there are many uncertainties still ahead, which require a cautious approach as we proceed through the balance of 1993."
 Trade shipments and sales revenues for the quarter were 216,306 tons and $149.7 million, respectively. Compared with the previous quarter and the second fiscal quarter a year ago, operating income, sales revenues and trade shipments for the current period were all up. The comparison is (dollars in millions):
 2nd Qtr. 1st Qtr. 2nd Qtr.
 1993 1993 1992
 Operating Income $6.0 $0 $(5.9)
 Sales Revenues $149.7 $145.9 $130.4
 Trade Shipments 216,306 207,755 176,959
 During the quarter, Republic marked its third anniversary as an independent employee-owned company. In that connection, Maier noted, "We have made dramatic progress since we were formed on Nov. 28, 1989. We have survived a very long and difficult recession and we have done much to change the corporate culture -- the way management, labor and salaried employees relate to each other and the way we do our work. We intend to continue to pursue those efforts aggressively, because it is only by finding better and more efficient ways to produce quality products that Republic will be a financial success for its employee- owners."
 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- 2/3/93
 /CONTACT: Harold V. Kelly, vice president, law & public affairs for Republic Engineered Steels, 216-837-7045/


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

BM -- CL008 -- 2303 02/03/93 10:29 EST
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Publication:PR Newswire
Date:Feb 3, 1993
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