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EASTERN STAINLESS CORPORATION REPORTS FIRST QUARTER 1992 RESULTS

EASTERN STAINLESS CORPORATION REPORTS FIRST QUARTER 1992 RESULTS
 BALTIMORE, April 24 /PRNewswire/ -- Eastern Stainless Corporation, headquartered here, reported a net loss of $0.6 million on revenues of $34.7 million for the quarter ended March 31, 1992.
 This compares with net income of $0.1 million on revenues of $43.6 million in the same period a year ago. Revenues in the first quarter of 1992 vs. the comparable 1991 period were negatively impacted by slightly lower volumes and lower selling prices on stainless steel plate. Revenues also were affected by Eastern Stainless' exit from the stainless steel sheet business in late 1991.
 Eastern Stainless' plate volume improved by 21 percent from the fourth quarter of 1991 to more normal levels following the settlement of a labor dispute by a major vendor early in 1992's first quarter. However, selling prices for these products, which dropped an average of 5 percent during the current quarter, were the primary reason for the current quarter's loss.
 "There are signs that the economy is beginning to gain some strength, and we are cautiously optimistic about the remainder of 1992," Eastern Stainless President Robert C. Rubino said.
 Eastern Stainless Corporation is a manufacturer and marketer of stainless steel plate and flat bar products.
 The majority ownership of Eastern Stainless changed today as its former majority owner, Pittsburgh-based Cyclops Industries, Inc., was acquired by Armco, Inc. (NYSE: AS).
 Armco, headquartered in Parsippany, N.J., is a producer of stainless, electrical and carbon steels, steel products and grinding systems used in mining and mineral processing. A major joint venture produces coated, high strength and low-carbon flat-rolled steels.
 EASTERN STAINLESS CORPORATION
 Summary of Operations
 (Unaudited; dollars in thousands)
 Three Months Ended March 31 1992 1991
 Net sales $34,681 $43,562
 Operating profit (loss) (192) 493
 Net financing expense 412 419
 Income (loss) before income taxes (604) 74
 Income tax provision (benefit) (18) 3
 Net income (loss) (586) 71
 /delval/
 -0- 4/24/92
 /CONTACT: Edward M. Romanoff of Eastern Stainless, in Pittsburgh, 412-571-6331/
 (AS) CO: Eastern Stainless Corporation; Cyclops Industries, Inc.;
 Armco Inc. ST: Maryland IN: MNG SU: ERN


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Date:Apr 24, 1992
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