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EASTERN STAINLESS CORPORATION REPORTS THIRD QUARTER RESULTS

 BALTIMORE, Md., Nov. 16 ~PRNewswire~ -- Eastern Stainless Corporation, reported a net loss of $2.5 million on sales of $31.9 million for the quarter ended Sept. 30, 1992, compared with a net loss of $4.5 million on sales of $35.4 million in the same period a year ago.
 For the nine months ended Sept. 30, 1992, Eastern Stainless reported a $4.3 million net loss on sales of $101.2 million compared to a net loss of $6.5 million on sales of $125.8 for the first nine months of 1991.
 "Though revenues declined, primarily as a result of lower selling prices, productivity improvements and cost reductions combined to help reduce our net loss by 44 percent from last year's third quarter," said Eastern Stainless President Robert C. Rubino.
 Eastern Stainless is a majority-owned subsidiary of Armco Inc., 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 Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1992 1991 1992 1991
 Net sales $ 31,929 $ 35,385 $ 101,229 $ 125,846
 Operating loss (2,140) (4,203) (3,030) (5,343)
 Net financing expense 384 413 1,319 1,326
 Loss before income tax (2,524) (4,616) (4,349) (6,669)
 Income tax benefit - 138 45 199
 Net loss $ (2,524) $ (4,478) $ (4,304) $ (6,470)
 -0- 11~16~92
 ~CONTACT: James A. Herzog of Eastern Stainless Corporation, 201-316-5276~
 (AS)


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

PS -- NY125 -- 1509 11~16~92 17:21 EST
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Publication:PR Newswire
Date:Nov 16, 1992
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