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EASTERN STAINLESS REACHES NEW LABOR ACCORDS

 BALTIMORE, July 30 -- Eastern Stainless Corporation reported today that United Steelworkers, USWA Locals 1245 and 8020 at it Baltimore plant had overwhelmingly ratified new, two-year agreements covering nearly 450 employees. The new contracts are effective July 31, 1993 and expire August 1, 1995. The current contracts were scheduled to expire on July 29, 1993, but were extended to July 31.
 The contract include wage increases and a signing bonus. Eastern said another feature was the agreement to provide a managed care health plan with improvements in both benefits and cost containment provisions. Further details were not disclosed.
 Eastern Stainless officials said they felt the new labor accords were fair to both employees and the company and would serve a building blocks to help Eastern return to profitability.
 Earlier this year, Eastern announced a restructuring plan which resulted in the closing of its melt shop on July 22. Approximately 150 employees are affected. Layoffs associated with the closing of the melt shop will take several weeks to complete. The company said that a voluntary severance program, a part of the new labor agreements, would assist in the restructuring.
 Baltimore-based Eastern Stainless Corporation is a majority-owned subsidiary of Armco Inc.(NYSE: AS), of Parsippany, N.J. It employs approximately 570 people and manufactures and markets stainless steel plate and flat bar products.
 -0- 7/30/93
 /CONTACT: Jim Herzog of Eastern Stainless Corporation, 201-316-5276/
 (AS)


CO: Eastern Stainless Corporation ST: Maryland IN: CST SU: CON

TM -- NY090 -- 8015 07/30/93 20:42 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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