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GENEVA STEEL FILES REGISTRATION STATEMENT

 VINEYARD, Utah, Jan. 19 /PRNewswire/ -- Geneva Steel (NYSE: GNV) announced today that it has filed a registration statement with respect to a proposed public offering of $125 million aggregate principal amount of its senior notes due 2001. The offering is part of a plan of financing which also includes (i) a concurrent private placement of $30 million of the company's cumulative redeemable exchangeable preferred stock and related warrants to purchase capital stock of the company, (ii) the repurchase of up to $50 million principal amount of the company's existing term debt, and (iii) the solicitation of necessary consents from the holders of existing debt instruments. Each part of the plan of financing is a condition to and is conditioned upon completion of each other part of the plan. Net proceeds from the public offering and private placement are expected to be used to repurchase existing term debt and to complete the company's continuous caster project.
 Geneva owns and operates the only integrated steel mill operating west of the Mississippi River and manufactures hot-rolled sheet, plate and pipe steel products for sale primarily in the western and central United States.
 The underwriters for the offering are Citicorp Securities Markets, Inc. and Salomon Brothers Inc.
 A registration statement relating to the senior notes has been filed with the Securities and Exchange Commission but has not yet become effective. These senior notes may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the senior notes, preferred stock or warrants in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Copies of the preliminary prospectus for the offering of the senior notes may be obtained as available from Citicorp Securities Markets, Inc., 399 Park Avenue, New York, N.Y. 10043 and Salomon Brothers Inc., Seven World Trade Center, New York, N.Y. 10048.
 -0- 1/19/93
 /CONTACT: Dennis Wanlass of Geneva Steel, 801-227-9302/
 (GNV)


CO: Geneva Steel ST: Utah IN: MNG SU: OFR

TM-LD -- NY100 -- 6624 01/19/93 18:53 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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