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COPPERWELD SIGNS LETTER OF INTENT TO PURCHASE ARMCO'S MIAMI INDUSTRIES DIVISION

 PITTSBURGH, June 29 /PRNewswire/ -- Copperweld Corporation, Pittsburgh, and Armco, Inc. (NYSE: AS), Parsippany, N.J., announced today that Copperweld has signed a letter of intent to purchase Armco's Miami Industries Division.
 The Armco unit produces mechanical, mechanical annealed and DOM (drawn-over-mandrel) welded steel tubing. It is located in Piqua, Ohio, 25 miles north of Dayton. The operation had 1992 sales of approximately $50 million.
 Completion of the transaction is targeted for some time in the third quarter, subject to negotiation of a definitive agreement, various approvals and other conditions. The purchase price was not disclosed.
 Armco indicated that it will continue normal operations of the Piqua plant until the planned sale is completed. Copperweld said that should the transaction be completed, it intends to continue operating the facility as a separate division of the corporation, and in "a manner consistent with Miami's excellent history and reputation in the marketplace."
 Copperweld manufactures mechanical and structural steel tubing at plants in Shelby, Ohio; Birmingham, Ala.; and Chicago. It also manufactures bimetallic wire at a plant in Fayetteville, Tenn. Copperweld recorded 1992 sales of approximately $250 million.
 Copperweld's tubing products are generally of larger diameters and heavier wall thicknesses than those produced at Miami Industries and are primarily sold to different markets.
 -0- 6/29/93
 /CONTACT: Douglas E. Young of Copperweld, 412-263-3095, or Jim Herzog of Armco, 201-316-5276/
 (AS)


CO: Copperweld Corporation; Armco, Inc. ST: Pennsylvania, Ohio IN: MNG SU: TNM

DM-MP -- PG002 -- 6616 06/29/93 10:11 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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