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ARMCO BOARD APPROVES THIN-SLAB CASTER INSTALLATION UNITED STEELWORKER LOCALS RATIFY AGREEMENTS

 PARSIPPANY, N.J., June 25 /PRNewswire/ -- Armco Inc. (NYSE: AS) announced today that its board of directors conditionally approved installation of thin-slab casting technology at Armco's Empire-Detroit facility in Mansfield, Ohio. The company said that final approval depended on completing agreements with state and local officials concerning tax abatement, training and other economic concerns, negotiating a competitive utility rate with Ohio Edison and obtaining financing for the $100 million project. Previous conditions concerning new labor agreements and satisfaction that the engineering and technology were feasible have been met.
 Armco reported that on Thursday evening, June 24, United Steelworkers at Empire-Detroit plants in Mansfield (USWA Local 169), and Dover (USWA Local 2737), Ohio overwhelmingly approved new labor contracts. The new contracts will become effective the first day of the month following final Armco board approval of the thin-slab caster project. Existing labor agreements at Mansfield and Dover expire Oct. 31, 1993.
 Chuck Kennedy, president of Empire-Detroit, said "Empire-Detroit and the USWA have proven that we can work together and we now have the unique opportunity to make Empire-Detroit the industry's first successful, unionized, `mini-mill type' operation. However, while this is a huge step, our work has just begun. We must secure final training and economic commitments from utilities, suppliers and other government officials," Kennedy added.
 Armco's chairman and chief executive officer, Robert L. Purdum, said "Our board of directors recognized the significance of this labor agreement and the spirit of cooperation and teamwork that it represents. We are anxious to implement this piece of our strategy to become the premier domestic specialty steel producer."
 Empire-Detroit Steel produces carbon and stainless steels at its Mansfield, Ohio plant and operates a galvanizing plant in Dover, Ohio. USWA Local 169 represents 856 hourly employees at the Mansfield plant and USWA Local 2737 represents 241 hourly employees at the Dover location. Total employment is approximately 1400.
 Armco Inc., headquartered in Parsippany, is a leading domestic producer of stainless and electrical steels. Armco also produces carbon steels and steel products, non-residential construction products and tubular goods. Armco has joint venture interests in companies which produce coated, high-strength and low-carbon flat-rolled steels and produce and distribute oilfield machinery and equipment.
 -0- 6/25/93
 /CONTACT: James A. Herzog of Armco, 201-316-5276/
 (AS)


CO: Armco Inc. ST: New Jersey, Ohio IN: MNG SU:

PS -- NY031 -- 5761 06/25/93 12:54 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
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