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J&L SPECIALTY PRODUCTS CORPORATION PROPOSES INITIAL PUBLIC OFFERING

 PITTSBURGH, Sept. 28 /PRNewswire/ -- J&L Specialty Products Corporation and its parent company, Ugine s.a., announced today that a registration statement has been filed with the Securities and Exchange Commission relating to a proposed initial public offering of 15,600,000 shares of common stock.
 The issuer of the stock will be a successor corporation to J&L Specialty Products Corporation to be named J&L Specialty Steel, Inc.
 Of the shares to be offered, approximately 40 percent will be offered by J&L and the remainder will be offered by Ugine. Ugine, the world's largest manufacturer of stainless steel, will remain the majority shareholder immediately after the offering, holding between 50-60 percent of J&L's outstanding common stock. The offering will be managed in the United States by Merrill Lynch & Co., Credit Lyonnais Securities (USA) Inc. and J.P. Morgan Securities Inc. and internationally by Credit Lyonnais Securities and Merrill Lynch International Limited.
 J&L Specialty Products Corporation is a leading manufacturer of flat rolled stainless steel. J&L, from its general office in Pittsburgh, operates stainless steelmaking and finishing plants in Midland, Pa.; Louisville, Ohio; and Detroit.
 The registration statement filed with the Securities and Exchange Commission has not yet become effective. These securities 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 these securities 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.
 -0- 9/28/93
 /CONTACT: Alan Knerler of J&L Specialty Products, 412-338-1736/


CO: J&L Specialty Products Corporation; Ugine s.a.;
 J&L Specialty Steel, Inc. ST: Pennsylvania, Ohio, Michigan IN: MNG SU: OFR


DM-LJ -- PG005 -- 6287 09/28/93 10:16 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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