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UNITED REFINING & SMELTING UNAFFECTED BY CHAPTER 11 FILING; COMPANY WILL BE CENTERPIECE OF CORPORATE TURNAROUND PLAN

 FRANKLIN PARK, Ill., March 5 /PRNewswire/ -- According to company president Robert J. Glavin, United Refining & Smelting Co. will not be negatively affected by the Chapter 11 filing announced today by its parent company, Diversified Industries Inc. (NYSE: DMC). In fact, Glavin said he thinks any impact of the filing will be favorable to United.
 "United has operated as a stand-alone, separate company since it was acquired by Diversified in 1969," Glavin said. "Throughout this period, our company has been consistently profitable, and we fully expect to continue our strong financial performance.
 "If anything, Diversified's filing for Chapter 11 protection is a favorable development from our point of view," Glavin added. "United's sound cash flow and earnings, which previously were used in part to cover unprofitable Diversified operating companies, now can be redirected to help us implement our strategic growth plan. That's the core of Diversified's turnaround plan."
 United Refining & Smelting Co. had 1992 operating earnings of $2.4 million on $15.3 million in sales.
 "It's good finally to be able to put industry rumors to rest on this issue," Glavin said. "I know there's been a lot of misinformation and speculation out there. Now that the facts are on the table, we hope our customers and suppliers will understand and appreciate our company's true strength and favorable long-term prospects."
 United Refining & Smelting Co. is a major, full-service, secondary refiner of precious metals, primarily gold, silver, platinum, palladium and rhodium. These materials, as well as IC chips and aluminum, are recovered from industrial and electronic scrap using a variety of recovery processes. The company's customers generally serve the computer, communications, military, automotive and aircraft industries.
 -0- 3/5/93
 /CONTACT: Robert J. Glavin, president of United Refining & Smelting, 708-455-8800/
 (DMC)


CO: United Refining & Smelting Co. ST: Illinois IN: MNG SU: BCY

BP-KJ -- DV003 -- 3426 03/05/93 12:00 EST
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Publication:PR Newswire
Date:Mar 5, 1993
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