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BAYOU STEEL CORPORATION FOURTH QUARTER FISCAL 1991 RESULTS

 BAYOU STEEL CORPORATION FOURTH QUARTER FISCAL 1991 RESULTS
 LAPLACE, La., Dec. 2 /PRNewswire/ -- Bayou Steel Corporation (AMEX: BYX) today reported net losses for the fourth quarter and fiscal 1991 of ($882,000), or ($0.07) per common share, and ($4,571,000), or ($0.35) per common share respectively, compared to net loss of ($210,000), or ($0.02) per common share, and net income before cumulative effect of an accounting change of $1,815,000, or $0.14 per common share, for the comparable periods of fiscal 1990.
 Howard M. Meyers, president and chief executive officer, commented on Bayou's fiscal 1991 performance: "The general recession that began late last year and deepened during fiscal 1991 caused a substantial decline in the demand for virtually all of our products. Faced with declining demand and increasing inventories, we reduced production. This resulted in higher unit operating costs associated with less efficient, reduced operations. Steel prices also decreased during this period. Thus, we have been faced with the effects of lower prices, reduced shipments, and higher operating costs. Despite these conditions, operating cash flow was a positive $5.6 million."
 Meyers then addressed the fourth quarter results: "The fourth quarter loss of ($882,000) is considerably less than the ($3.6 million) loss in the prior quarter. We were successful in reducing inventories through reduced operations in the third quarter. As a result, we have increased production to match demand in the fourth quarter. This resulted in lower unit operating costs. Shipments have also increased due to an expanding export business. In the fourth quarter, Bayou Steel announced a price increase which appears to have been accepted by the market."
 Meyers concluded: "We expect competition in the steel industry to remain fierce over the next 12 months. Even in the current environment with no changes in the economy, Bayou Steel's results should improve. Much of our future financial performance, however, will depend on a recovery in the economy."
 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)
 Quarter ended Year ended
 9/30/91 9/30/90 9/30/91 9/30/90
 Net sales $ 34,070 $ 40,200 $131,271 $183,563
 Gross profit $ 2,463 $ 1,417 $ 6,835 $ 12,565
 Operating income $ 1,379 $ 951 $ 2,710 $ 7,983
 Income (loss) before
 cumulative effect
 of accounting change $ (882) $ (210) $ (4,571)$ 1,815
 Net income (loss) $ (882) $ (210) $ (4,571)$ 243
 Income (loss) per common
 share before cumulative
 effect of accounting
 change $ (0.07) $ (0.02) $ (0.35)$ 0.14
 Net income (loss) per
 common share $ (0.07) $ (0.02) $ (0.35)$ 0.02
 Shape shipment tons 109,254 114,091 381,069 411,660
 Billet shipment tons 1,623 13,888 43,557 216,790
 -0- *B 12/2/89
 /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


CF-TG -- AT004 -- 8338 12/02/91 12:05 EST
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Date:Dec 2, 1991
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