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KAISER STEEL RESOURCES INC. ANNOUNCES PLANS FOR MAJOR MOTOR SPORTS RACING COMPLEX

 RANCHO CUCAMONGA, Calif., March 29 /PRNewswire/ -- Kaiser Steel Resources Inc. (NASDAQ: KSRI) announced today it has entered into a Letter of Intent with Agajanian Prime Ventures (APV) to pursue development of a multiuse, motor sports racing complex on 360 acres of Kaiser's property near Fontana, Calif.
 According to Daniel N. Larson, president of Kaiser Steel Resources, the Letter of Intent is a major step for Kaiser as it begins redevelopment of the 1,175-acre former steel-making site of its predecessor company, Kaiser Steel Corp. "This is an exciting project for Kaiser, our shareholders, and the entire community," Larson said. "We view this as a project that will not only spur the future redevelopment of the entire Mill Site Property, but will also bring world-class motor sports racing to Southern California."
 Agajanian Prime Ventures is a partnership among three of motor sports racing's recognized leaders in race promotion, operations and television. Cary Agajanian, president of APV, is the eldest son of the late J.C. Agajanian, the patriarch of one of racing's most prominent families. The Agajanian family is also the former operator of California's Ascot Park. Cable television pioneer Bill Daniels owns Prime Ticket Network, the country's largest regional sports cable network which is headed by Roger L. Werner Jr. who serves as chairman of APV. Daniels also owns Prime Racing Ventures, a race track design and management company.
 Kaiser's Letter of Intent is the precursor to a long-term lease agreement between Kaiser and APV that will include the greater of either a minimum rental paid to Kaiser beginning in mid-1995 or a percentage of the facilities' gross revenues.
 APV will begin the final design and subsequent permitting process for a motor sports racing complex that is envisioned to feature a one-and-a-half mile oval track for NASCAR- and Indy-style races, a drag race facility, an integrated road course, and a separate short oval facility. The Kaiser property is in close proximity to the Ontario International Airport and Interstates 10 and 15. Related demand for testing facilities, hotels, restaurants and service facilities, as well as race-related industries could be accommodated on the Kaiser site. APV will fund substantially all costs of permitting, developing and operating the facility.
 "There is no other facility in the world that brings all major forms of motor sports into one complex," Cary Agajanian said. "Southern California, with its great fan base, has always been an important focus for racing figures. This project will retain automotive-related industries and will return Southern California into the forefront of the world racing scene."
 Larson added, "APV has the experience and commitment to develop a motor sports racing operation like none other. As they refine the design and we jointly pursue the permitting and approval process over the next 12 to 18 months, we're confident that this will be an exceptional project."
 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.
 -0- 3/29/93
 /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:

EH -- LA018 -- 0592 03/29/93 14:11 EST
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Date:Mar 29, 1993
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