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BAYOU STEEL CORPORATION FIRST QUARTER FISCAL 1993 RESULTS

 LAPLACE, La., Feb. 8 /PRNewswire/ -- Bayou Steel Corporation (AMEX: BYX), today reported a profit for the second consecutive quarter.
 Net income before extraordinary gain represents a $1 million favorable swing in earnings for the first quarter of fiscal 1993 compared to same quarter of last year. The company booked an extraordinary gain of $756,000 relating to the partial early retirement of existing debt.
 Howard M. Meyers, president and chief executive officer, commented on Bayou's first quarter performance saying: "Steel structural shape shipments increased by approximately 9 percent when comparing the first quarters of fiscal 1993 to 1992. The increase is mainly attributable to Steel Service Centers, our company's principal customers, building inventory in anticipation of the products appreciating in value. Contributing to the company's profitability in the first fiscal quarter were the increases in production and our continuing efforts in cost reduction. The Melt Shop production increased 16 percent and the Rolling Mill production increased 9 percent compared to the same period of fiscal 1992, which reduced unit conversion cost by 2.5 percent."
 Meyers then discussed the short-term business outlook: "The market remains highly competitive in regards to price and demand. The company will experience reduced margins in the second quarter of fiscal 1993 due to higher scrap prices, although recent shape price increases should offset most of the scrap price increases. We will continue to seek ways to lower costs and increase our market share in order to remain competitive."
 Meyers also commented on the current collective bargaining contract: "After six years, the collective bargaining contract with the United Steelworkers of America is expiring. The company continues to believe that it must have a progressive work environment which meets both the employees' and the company's long-term goals. Employee relations are good and we are hopeful that there will be no interruption in our business. However, it is difficult to predict the outcome of current contract negotiations."
 Bayou Steel Corporation operates a steel minimill producing structural steel products. Located on the Mississippi River in LaPlace, La., the company operates three stocking locations along the inland waterway system near Pittsburgh; Chicago; and Tulsa, Okla. The common stock of Bayou Steel Corporation is traded on the American Stock Exchange under the symbol "BYX."
 FINANCIAL HIGHLIGHTS
 (In Thousands, Except Per Share Data)
 (Unaudited)
 Qtr. ended Dec. 31 1992 1991
 Net sales $31,833 $29,211
 Gross profit $ 3,634 $ 2,386
 Operating income $ 2,554 $ 1,400
 Income (loss) before extraordinary gain $ 347 $ (699)
 Extraordinary gain $ 756 $ ---
 Net income (loss) $ 1,102 $ (699)
 Net income (loss) per common share $ .09 $ (.05)
 Shape shipment tons 92,487 84,871
 Billet shipment tons 18,488 13,979
 -0- 2/8/89
 /CONTACT: Richard J. Gonzalez, vice president, treasurer and CFO of Bayou Steel, 504-652-4900/
 (BYX)


CO: Bayou Steel Corporation ST: Louisiana IN: SU: ERN

RA-BR -- AT008 -- 4111 02/08/93 12:19 EST
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Date:Feb 8, 1993
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