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KAISER STEEL RESOURCES INC. ANNOUNCES CHANGE IN ACCOUNTING TREATMENT FOR FISCAL YEAR 1992

 RANCHO CUCAMONGA, Calif., March 26 /PRNewswire/ -- Kaiser Steel Resources Inc. (NASDAQ: KSRI) today announced a revision in the company's previously reported 1992 year-end results as a result of changes in its initial application of the new Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (SFAS 109).
 The company previously reported net income from operations of $1,468,758 ($.14 per share) and a cumulative effect upon the adoption of SFAS 109 of a one-time gain of $327,583 ($.04 per share) for a total net income of $1,796,341 ($.18 per share). In finalizing Kaiser's 1992 financial statements, the company's auditors changed their previously suggested treatment of certain tax benefits in the adoption of SFAS 109. This change resulted in reporting the effect of adopting SFAS 109 as an addition to shareholders' equity rather than as a one-time addition to net income. The company's net income from operations for 1992 remains unchanged at $1,468,758 ($.14 per share) and is now reported as net income for 1992.
 According to Daniel N. Larson, president of Kaiser Steel Resources, "This change has no impact on the results of operations, which remain at record levels, nor on our cash flow, shareholders' equity or Kaiser's overall financial position. The change reflects a bookkeeping entry made necessary by a change in the opinion of our outside auditors as to how certain tax benefits must be reflected upon the adoption of SFAS 109. The amount and benefit of our NOLs also remains unchanged," Larson said.
 Kaiser Steel Resources' revenues for 1992 increased 15 percent to $9,943,765 compared to $8,634,940 for 1991. The company reported record 1992 pre-tax income of $2,495,883, compared to $1,762,405 in 1991. Because of the company's favorable tax position, all of 1992's reported tax expense of $1,027,125 will not be payable. The company also had record net income, $1,468,758 ($.14 per share) compared to $1,085,405 ($.11 per share), over the same period last year.
 Kaiser Steel Resources is an emerging environmental resources company pursuing projects that address critical issues in Southern California, including solid waste management, water resources and property redevelopment.
 KAISER STEEL RESOURCES INC.
 Financial Highlights
 For Year Ended 1992
 For Year Ended For Year Ended
 Dec. 31, 1992 Dec. 31, 1991
 Revenues $9,943,765 $8,634,940
 Cost and expense,
 net of other income 7,447,882 6,872,535
 Income before taxes 2,495,883 1,762,405
 Income tax provision not
 accruable or payable 1,027,125 677,000
 Net income 1,468,758 1,085,405
 Net income $.14 $.11
 As of As of
 Dec. 31, 1992 Dec. 31, 1991
 Cash and equivalents $8,110,100 $9,110,588
 Other assets 58,214,884 54,603,970
 Liabilities 8,574,064 8,520,988
 Stockholders' equity 57,750,920 55,193,570
 Book value per share $5.68 $5.46
 Weighted average
 shares outstanding 10,176,367 10,109,450
 -0- 3/26/92
 /CONTACT: Daniel N. Larson, president, or Pamela Catlett, director of investor relations, of Kaiser Steel Resources, 909-944-4155/
 (KSRI)


CO: Kaiser Steel Resources Inc. ST: California IN: ENV SU: ERN

EH-JB -- LA024 -- 0138 03/26/93 15:58 EST
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Date:Mar 26, 1993
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