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GOV. CASEY ANNOUNCES ADDITIONAL $5 MILLION FOR SHARON STEEL

 GOV. CASEY ANNOUNCES ADDITIONAL $5 MILLION FOR SHARON STEEL
 HARRISBURG, Pa., Sept. 3 /PRNewswire/ -- Gov. Robert P. Casey announced today an additional state commitment of $5 million toward a major equipment purchase that will help preserve 2,700 jobs at the Sharon Steel Corp. plant in Farrell, Pa.
 This brings to $9 million the state commitment to help the company purchase a continuous caster, Casey noted.
 In May, Casey announced a $4 million commitment for the $40 million caster, a massive piece of equipment that increases efficiency and saves money by eliminating several manufacturing steps in turning molten steel into slabs.
 The additional $5 million in state funds was prompted by a shortfall in local matching funds. The exact packaging of the $9 million has not been determined; a portion of the funds will be made available in the 1993-94 fiscal year.
 "By raising Pennsylvania's share of this project to $9 million, we are reaffirming our intention to make Sharon Steel modern, cost-effective and competitive," Casey said. "Sharon Steel has long been an integral part of western Pennsylvania's economy. We want to keep it that way."
 The state has pledged $12 million to the company since Casey took office. After Sharon Steel filed for Chapter 11 protection in 1987, Casey acted to save the plant and preserve its jobs by earmarking $3 million in state funds to help pay for the relining of one of the company's blast furnaces.
 In 1990, as the company emerged from bankruptcy, the need for a continuous caster was included in its capital investment plans.
 -0- 9/3/92
 /CONTACT: Ron Jury, press secretary, Commonwealth News Bureau, 717-783-1132/ CO: Office of the Governor ST: Pennsylvania IN: MNG SU:


CD -- PG009 -- 6426 09/03/92 12:29 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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