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EASTERN STAINLESS CORPORATION REPORTS 1992 RESULTS

 BALTIMORE, Feb. 16 /PRNewswire/ -- Eastern Stainless Corporation reported a net loss of $18.6 million (including $15.3 million of special charges) on sales of $31.1 million for the quarter ended December 31, 1992 compared with a net loss of $3.5 million on sales of $32.8 million in the same period a year ago.
 1992 fourth quarter special charges relate to the company's previously announced plans to close its melt shop in August 1993, and other restructuring actions intended to reduce costs and strengthen its competitive position.
 For the year ended December 31, 1992, Eastern Stainless reported a $22.9 million net loss on sales of $132.4 million compared to a net loss of $9.9 million on sales of $158.7 million for the preceding year.
 The decrease in revenues for both the quarter and the year versus 1991 was primarily the result of lower selling prices, reduced sales to affiliated businesses and the elimination late in 1991 of an unprofitable product line.
 "The persistent soft market for stainless steel plate and intense foreign competition in our markets require bold moves for Eastern to remain competitive. While the restructuring charges significantly affected 1992's results, taking advantage of lower melt costs within the Armco organization will help to improve our future results," Eastern Stainless President Robert C. Rubino said.
 Eastern Stainless is a majority-owned subsidiary of Armco Inc. (NYSE: AS), Parsippany, N.J. Eastern Stainless, headquartered here, manufactures stainless steel plate and flat bar products.
 EASTERN STAINLESS CORPORATION
 Summary of Operations
 (unaudited, dollars in thousands)
 Periods ended Three Months Twelve Months
 Dec. 31 1992 1991 1992 1991
 Net sales $ 31,145 $32,824 $132,374 $158,670
 Operating costs 34,312 36,103 138,571 167,292
 Special charges 15,287 - 15,287 --
 Operating loss (18,454) (3,279) (21,484) (8,622)
 Net financing expense 359 349 1,678 1,675
 Loss before income tax (18,813) (3,628) (23,162) (10,297)
 Income tax benefits 206 178 251 377
 Net loss $(18,607) $(3,450) $(22,911) $ (9,920)
 -0- 2/16/93
 /CONTACT: Edward M. Romanoff for Eastern Stainless Corp., 201-316-5241/
 (AS)


CO: ; Armco Inc. ST: New Jersey, Maryland IN: MNG SU: ERN

TS -- NY076 -- 6883 02/16/93 11:43 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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