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ARMCO RECEIVES $39 MILLION FROM FEDERAL TAX REFUNDS

 ARMCO RECEIVES $39 MILLION FROM FEDERAL TAX REFUNDS
 PARSIPPANY, N.J., July 9 /PRNewswire/ -- Armco Inc. announced that


it will realize a gain of $39.1 million, approximately $.39 per share, in the second quarter of 1992 as a result of a settlement with the Internal Revenue Service on two federal tax refund claims, which have been paid to the company.
 The refunds involve Armco's tax returns for 1978-80 and 1987. They resulted from Armco's assertion that it was unnecessarily subjected to provisions of the minimum tax law in effect in 1979 and 1980, and a change in the timing of a deduction related to the settlement of an iron ore supply contract. The refunds are comprised of $16.2 million in taxes and $22.9 million in interest. The refund claims were settled without litigation.
 Separately, Armco said that a previously announced special charge in the second quarter would be reduced to $20.4 million, approximately $.20 per share, from the company's original estimate for the charge of up to $30 million. This charge was taken in connection with the closing of the melt shop at Armco's Stainless and Alloy Products plant in Baltimore, announced last May.
 Armco Inc. is the second largest domestic producer of stainless steels. The company also produces electrical and carbon steels and steel products, non-residential construction products and tubular goods. Through joint ventures, Armco produces coated, high-strength flat-rolled carbon steels and oil field machinery and equipment.
 -0- 7/9/92
 /CONTACT: Jim Herzog of Armco, 201-316-5276/
 (AS) CO: Armco Inc. ST: New Jersey IN: MNG SU:


SM -- NY020 -- 7759 07/09/92 09:50 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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