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ARMCO COMPLETES SALE OF SOUTHWESTERN OHIO STEEL

 ARMCO COMPLETES SALE OF SOUTHWESTERN OHIO STEEL
 PARSIPPANY, N.J., Sept. 1 /PRNewswire/ -- Armco Inc. (NYSE: AS)


today announced that it completed the sale of Southwestern Ohio Steel (SOS), a steel processing business, to Southwestern Ohio Steel, L.P. (SOSLP), a newly formed joint venture limited partnership of C. Itoh (America) Inc. and Armco Steel Company, L.P. (ASC).
 Under terms of the agreement, Armco received $32.3 million in cash and a 25 percent ownership interest in SOSLP. The ownership interest was contributed concurrently to ASC. SOSLP is now equally owned by C. Itoh and ASC.
 Armco Inc. said the sale meets several strategic objectives. It strengthens ASC and preserves the existing customer/supplier relationship between SOS and ASC, and better enables Armco to concentrate on its stainless and specialty steel operations.
 Current SOSLP management will continue to manage day-to-day operations.
 SOSLP has 530 employees in steel processing operations located in Middletown, Hamilton and Cincinnati, Ohio and Lawrenceberg, Tenn.
 C. Itoh (America) Inc. is the U.S.-based arm of the Japanese trading company. Armco Steel Company, L.P. is a flat-rolled carbon steel joint venture between Armco Inc. and Kawasaki Steel Corporation of Japan.
 Armco Inc. 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 and through a joint venture produces and distributes oilfield machinery and equipment.
 -0- 9/1/92
 /CONTACT: James A. Herzog of Armco Inc., 201-316-5276/
 (AS) CO: Armco Inc.; Southwestern Ohio Steel, L.P. ST: New Jersey, Ohio IN: MNG SU: TNM


TS -- NY012 -- 5269 09/01/92 08:48 EDT
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Publication:PR Newswire
Date:Sep 1, 1992
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