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BAYOU STEEL CORPORATION REPORTS SECOND QUARTER FISCAL 1992 RESULTS

BAYOU STEEL CORPORATION REPORTS SECOND QUARTER FISCAL 1992 RESULTS
 LAPLACE, La., May 8 /PRNewswire/ -- Bayou Steel Corporation (AMEX: BYX) today reported a net loss for the second quarter of fiscal 1992 of ($352,000), or ($.03) per common share, compared to net loss of ($982,000), or ($.08) per common share, for the comparable period of fiscal 1991.
 Howard M. Meyers, president and chief executive officer, commented on Bayou's second quarter fiscal 1992 performance saying: "Even though the United States remains in an economic recession, we managed to record an increase in shape shipments when comparing the second quarter of fiscal 1992 to fiscal 1991. The increase in shipments was due to increased export shipments and the improved surface condition of our products which led to greater customer acceptance. The overall shape selling price decreased by approximately 8 percent in the second quarter of fiscal 1992 compared to fiscal 1991. We announced an overall price increase late in the second quarter as increased seasonal demand is anticipated in the late half of the fiscal year. The acceptance of the price increase in the market is still uncertain as typical seasonal demand patterns have not materialized. We believe competition will remain intense as little improvement in the overall current market condition is expected."
 In further remarks, Meyers stated: "Despite these conditions, we continue to find ways to reduce cost. The unit conversion cost, the cost to convert scrap into finished product, in the second quarter of fiscal 1992 decreased by 13.2 percent compared to the same period last year. This decrease was the result of implementing capital improvements, reducing overhead, and renegotiating several major supply contracts. We remain focused on reducing cost and improving the quality of services and products to our customers in order to take full advantage of any market improvements."
 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)
 2nd qtr. ended March 31 1992 1991
 Net sales $ 29,037 $ 29,601
 Gross profit $ 2,759 1,688
 Operating income $ 1,609 $ 575
 Net income (loss) $ (352) $ (982)
 Net income (loss) per
 common share $ (.03) $ (.08)
 Shape shipment tons 95,560 83,437
 Billet shipment tons 1,465 11,145
 6 mos. ended March 31 1992 1991
 Net sales $ 58,247 $ 63,538
 Gross profit $ 5,145 $ 4,903
 Operating income $ 3,008 $ 2,067
 Net income (loss) $ (1,051) $ (125)
 Net income (loss) per
 common share $ (.08) $ (.01)
 Shape shipment tons 180,431 178,349
 Billet shipment tons 15,444 18,340
 -0- 5/8/92
 /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


BR-EA -- AT007 -- 8204 05/08/92 15:48 EDT
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Publication:PR Newswire
Date:May 8, 1992
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