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EASTERN STAINLESS CORPORATION REPORTS FIRST QUARTER 1993 RESULTS

 BALTIMORE, May 14 /PRNewswire/ -- Eastern Stainless Corporation today reported a net loss of $1.6 million on sales of $36.1 million for the quarter ended March 31, 1993, compared with a net loss of $0.6 million on sales of $34.7 in the same period a year ago.
 The increase in revenues vs. 1992 reflects a modest improvement in the market for stainless steel plate in 1993, but at prices lower than a year ago. Equipment outages in late March 1993 resulted in higher maintenance charges for the quarter, and delayed some shipments into the second quarter.
 The $1.1 million net effect on first quarter operating results of adopting Statement of Financial Accounting Standard No. 106, "Employers' Accounting for Postretirement Benefits Other than Pensions," more than offset the improvement in sales for the first quarter of 1993.
 "We are finally beginning to see some improvement in the market for stainless steel plate. With a stronger market, the price increase which took effect on May 1, 1993, and our continuing efforts to lower costs, we anticipate that Eastern's results will improve for the rest of the year," said Eastern Stainless President Robert C. Rubino.
 Eastern Stainless is a majority-owned subsidiary of Armco Inc. (NYSE: AS), Parsippany, N.J. Eastern Stainless manufactures and markets stainless steel plate and flat bar products.
 EASTERN STAINLESS CORPORATION
 Summary of Operations
 (Unaudited; dollars in thousands)
 Three months ended March 31 1993 1992
 Net sales $36,091 $34,681
 Operating loss (1,227) (192)
 Net financing expense 405 412
 Loss before income taxes (1,632) (604)
 Income tax benefit -- 18
 Loss before cumulative effect of
 accounting change (1,632) (586)
 Cumulative effect of change in
 accounting for income taxes 29 --
 Net loss $(1,603) $ (586)
 -0- 5/14/93
 /CONTACT: James A. Herzog of Armco, 201-316-5276/
 (AS)


CO: Eastern Stainless Corp.; Armco Inc. ST: Maryland IN: MNG SU: ERN

GK -- NY037 -- 8590 05/14/93 11:26 EDT
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Date:May 14, 1993
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