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EASTERN STAINLESS CORPORATION ANNOUNCES RESTRUCTURING

 BALTIMORE, Jan. 26 /PRNewswire/ -- Eastern Stainless Corporation, a manufacturer and marketer of stainless steel plate and flat bar products headquartered here, today announced restructuring actions to reduce costs, improve profitability and cash flow, and strengthen its competitive position.
 As part of the restructuring, Eastern Stainless will close its melt shop in August. The melt shop shutdown and other cost reduction actions will result in special charges totaling approximately $15 million for the fourth quarter of 1992.
 Eastern Stainless currently employs about 600 persons. Of that total, approximately 140 are salaried workers, with the remaining 460 being members of USW of A locals.
 Armco Inc. (NYSE: AS), Parsippany, N.J., a leading domestic producer of stainless and electrical steels, holds majority ownership in Eastern Stainless.
 -0- 1/26/93
 /NOTE TO EDITORS: Eastern Stainless' class B common stock is traded in the over-the-counter market/
 /CONTACT: Edward M. Romanoff of Armco, 201-316-5241/
 (AS)


CO: Eastern Stainless Corporation ST: Maryland IN: MNG SU: RCN

GK -- NY099 -- 9217 01/26/93 15:41 EST
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Publication:PR Newswire
Date:Jan 26, 1993
Words:170
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