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GENEVA STEEL MOVES FORWARD ON PLAN OF FINANCING

 VINEYARD, Utah, Feb. 16 /PRNewswire/ -- Geneva Steel (NYSE, PSE: GNV) announced today that it has received the necessary consents from the holders of its existing debt instruments, allowing the company to continue forward on its previously announced plan of financing.
 The consents from the holders of the company's existing term debt and from the lenders under the company's revolving credit facility are subject to consummation of the other components of the plan of financing, which currently include (i) the company's proposed public offering of $115 million principal amount of senior notes due 2001, (ii) the private placement of $40 million of cumulative redeemable exchangeable preferred stock and related warrants to purchase capital stock of the company, and (iii) the repurchase of $50 million principal amount of the company's existing term debt, plus accrued interest. Each part of the plan of financing is a condition to and is conditioned upon completion of each other part of the plan. The company has obtained from prospective purchasers of the preferred stock indications of interest with respect to the full $40 million.
 The company also announced that it has filed an amendment to its registration statement filed with the Securities and Exchange Commission with reiver. The company manufactures hot-rolled steel sheet, plate and pipe for sale primarily in the western and central United States.
 -0- 2/16/93
 /CONTACT: Dennis L. Wanlass of Geneva Steel, 801-227-9302/
 (GNV)


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

GK-LR -- NY048 -- 6816 02/16/93 10:45 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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