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GENEVA STEEL REVISES PLAN OF FINANCING

 VINEYARD, Utah, March 1 /PRNewswire/ -- Geneva Steel (NYSE and PSE: GNV) announced today the filing of an amendment to its Registration Statement for a public offering of its Senior Notes Due 2001 (the offering). The company has revised its plan of financing to increase the amount of the offering from $115 million to $135 million. The increased proceeds from the offering will be used to repurchase at par a greater amount of the company's existing term debt pursuant to its previously announced tender offer.
 The company has increased the amount of its tender offer based upon favorable market conditions and in response to requests from certain existing term debt holders. The company is currently seeking, and anticipates receiving, the consent of its existing term debt holders and of the lenders under its revolving credit facility to increase the amount of the offering.
 As revised, the company's plan of financing includes the following: (i) the offering, (ii) the private placement of $40 million of its cumulative redeemable exchangeable preferred stock and related warrants, (iii) the repurchase pursuant to a tender offer of at least $70 million principal amount of its existing term debt, and (iv) the solicitation of consents from the holders of the company's existing debt instruments. The company has obtained from prospective purchasers of the preferred stock indications of interest with respect to the full $40 million. Each part of the plan of financing is a condition to and is conditioned upon completion of each other part of the plan.
 Geneva Steel is the only integrated steel mill operating west of the Mississippi River. The company manufactures hot-rolled steel sheet, plate and pipe for sale pipe for sale primarily in the western and central United States.
 -0- 3/1/93
 /CONTACT: Eric Peterson of Geneva Steel, 212-559-4120/
 (GNV)


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

SH-LR -- NY081 -- 7923 03/01/93 14:34 EST
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Publication:PR Newswire
Date:Mar 1, 1993
Words:317
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