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KYOEI STEEL ANNOUNCES TENDER OF FLORIDA STEEL DEBENTURES

 NEW YORK, Nov. 27 ~PRNewswire~ -- Kyoei Steel Ltd. announced today that close enough to 90 percent of the 14.5 percent subordinated debentures of Florida Steel Corporation have been tendered, pursuant to Florida Steel's tender offer for the debentures, to justify Kyoei's resuming efforts to raise financing for the acquisition of FLS Holdings Inc., the parent corporation of Florida Steel. It remains a condition to Kyoei's obligation to proceed with the acquisition that at least 90 percent of the debentures shall have been tendered and not withdrawn.
 -0- 11~27~92
 ~CONTACT: Peter Offerman, 212-454-1455, or Mark Davis, 212-250-7401, both for Kyoei Steel~


CO: Florida Steel Corporation; Kyoei Steel Ltd. ST: Florida IN: MNG SU:

PS -- NY006 -- 1828 11~27~92 14:30 EST
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Publication:PR Newswire
Date:Nov 27, 1992
Words:124
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