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ARMCO/CYCLOPS SHAREHOLDERS' MEETINGS TO BE RESCHEDULED

 ARMCO/CYCLOPS SHAREHOLDERS' MEETINGS TO BE RESCHEDULED
 PARSIPPANY, N.J., March 12 /PRNewswire/ -- Armco Inc. (NYSE: AS), Parsippany, and Cyclops Industries, Inc. (NYSE: CYC), Pittsburgh, jointly announced today that they will reschedule shareholders' meetings originally scheduled for March 30. The purpose of the meetings is to obtain approval from shareholders for the proposed merger of the two companies.
 The companies said that the review of proxy materials by the Securities and Exchange Commission (SEC) is taking longer than expected. A new meeting date will be set and announced as soon as possible.
 The previously announced record dates, February 28 for Armco and March 2 for Cyclops, have not changed.
 As announced in late February, the Department of Justice, Antitrust Division, has reviewed the proposed transaction and will not challenged it.
 Armco produces stainless, electrical and carbon steel and steel products. Through joint ventures, Armco produces coated, high-strength and low-carbon flat-rolled steels and oilfield machinery and equipment.
 Cyclops makes flat-rolled stainless and carbon steel; steel tubular products; special alloys; and designs, fabricates and erects non- residential construction products.
 -0- 3/12/92
 /CONTACT: Lee Bland, 201-316-5266, or Jim Herzog, 201-316-5276, both of Armco: or Ed Romanoff of Cyclops, 412-571-6331/
 (AS CYC) CO: Armco Inc.; Cyclops Industries Inc. ST: New Jersey, Pennsylvania IN: MNG SU:


TS -- NY013 -- 7663 03/12/92 09:31 EST
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Publication:PR Newswire
Date:Mar 12, 1992
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