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ARMCO STEEL COMPANY REDUCES SALARIED WORKFORCE

 ARMCO STEEL COMPANY REDUCES SALARIED WORKFORCE
 MIDDLETOWN, Ohio, Nov. 5 /PRNewswire/ -- Armco Steel Company today


announced that it will reduce its salaried workforce by about 575 by the end of 1992. The reduction includes nearly 430 employees who were granted voluntary severance or special retirement in a program offered to 1,700 employees in September. The reduction will bring ASC's total salaried employment at its Middletown headquarters and plants in Middletown and Ashland, Ky. to approximately 1,400.
 "Streamlining our salaried workforce is absolutely necessary for Armco Steel Company to achieve its potential as a small but excellent steel producer," said Mark G. Essig, vice president, employee relations and assistant to the president. "While we regret the need to take these painful actions, we are pleased that the vast majority of our job reductions were accomplished through the voluntary severance and retirement program."
 With involuntary termination, the company's normal severance policy will apply. Under that plan, employees receive one weeks' pay for every year of continuous company service, with a minimum of two weeks' pay and a maximum of 26 weeks' pay. Employees also receive company-paid medical benefits, dependent upon years of service, for a maximum of six months. In addition, ASC will offer employment assistance to outplaced employees through the company's career center.
 Armco Steel Company is a 50/50 joint venture between Armco Inc. (NYSE: AS) and Kawasaki Steel Corporation, Tokyo. The company produces carbon flat rolled steel for automotive, appliance, construction and manufacturing markets.
 -0- 11/5/92
 /CONTACT: Alan H. McCoy of Armco Steel Company, 513-425-2826, or 513-489-3447, after hours/
 (AS) CO: Armco Steel Company ST: Ohio IN: MNG SU:


KK -- CL009 -- 2939 11/05/92 10:02 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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