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FANSTEEL REPORTS SECOND QUARTER RESULTS

 FANSTEEL REPORTS SECOND QUARTER RESULTS
 NORTH CHICAGO, Ill., July 21 /PRNewswire/ -- Fansteel Inc.


(NYSE: FNL) reported net sales of $34,337,000 for the second quarter of 1992, compared to $34,048,000 for the second quarter of 1991.
 Net income for the second quarter 1992 was $1,698,000 or $.20 per share compared to a net loss of ($7,179,000) or ($.83) per share in the second quarter 1991. Net income for the current quarter included LIFO inventory liquidation profit of $430,000 or $.05 per share related to phase-out of the Precision Sheet Metal (PSM) facility in Los Angeles, Calif., by the end of 1992. The net loss for the second quarter 1991 included special charges, after income tax benefit, of ($5,708,000) or ($.66) per share resulting primarily from inventory adjustments at the company's aircraft/aerospace units and a net loss from discontinued operations of ($1,430,000) or ($.17) per share.
 For the six months ended June 30, 1992, net sales were $67,321,000 compared to $69,966,000 for the same period of 1991. Net income for the first six months of 1992 was $2,561,000 or $.30 per share which included $815,000 or $.09 per share related to LIFO inventory liquidation profit. Net loss of ($6,655,000) or ($.77) per share for the first six months of 1991 included special charges and loss from discontinued operations noted above for the second quarter 1991.
 Fansteel is a specialty metals manufacturer of fabricated aircraft/aerospace and weapons systems components, forgings, sand mold and investment castings, cutting and milling tools, toolholding devices, coal mining tools and accessories, construction tools, wear parts and special wire forms.
 FANSTEEL INC.
 STATEMENT OF INCOME (UNAUDITED)
 SECOND QUARTER SIX MONTHS
 1992 1991 1992 1991
 Net sales $34,337,440 $34,047,785 $67,320,619 $69,965,926
 Operating income
 (loss) 2,587,901 (9,447,981) 3,990,721 (8,826,299)
 Other income 174,274 137,914 184,551 384,300
 Income (loss) from
 continuing operations
 before income
 taxes 2,762,175 (9,310,067) 4,175,272 (8,441,999)
 Income tax provision
 (benefit) 1,064,000 (3,561,000) 1,614,000 (3,217,000)
 Income (loss) from
 continuing
 operations 1,698,175 (5,749,067) 2,561,272 (5,224,999)
 (Loss) from discont.
 operations, net
 of income tax benefit 0 (1,429,937) 0 (1,429,937)
 Net income (loss) $1,698,175 $(7,179,004) $2,561,272 $(6,654,936)
 Net income (loss) per share:
 Continuing operations $0.20 $(0.66) $0.30 $(0.60)
 Discontinued operations $0.00 $(0.17) $0.00 $(0.17)
 Total $0.20 $(0.83) $0.30 $(0.77)
 Average shares
 outstanding 8,598,858 8,598,858 8,598,858 8,598,858
 -0- 7/21/92 R
 /CONTACT: K.R. Garrity of Fansteel, 708-689-4900/
 (FNL) CO: Fansteel Inc. ST: Illinois IN: MNG SU: ERN


PS -- NY053 -- 1389 07/21/92 13:33 EDT
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Date:Jul 21, 1992
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