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LUKENS PURCHASES WASHINGTON STEEL CORPORATION

 LUKENS PURCHASES WASHINGTON STEEL CORPORATION
 COATESVILLE, Pa., March 30 /PRNewswire/ -- Lukens Inc., (NYSE: LUC)


today announced that it has entered into a definitive agreement to acquire all of the stock of Washington Steel Corporation, for a cash purchase price of $280 million, subject to certain adjustments.
 Washington Steel, a stainless steel producer headquartered in Washington, Pa., had sales of $415 million for its fiscal year ended June 30, 1991. Lukens Inc., a plate steel producer and industrial products company headquartered in Coatesville, had sales of $629 million in 1991.
 R.W. Van Sant, chairman and chief executive officer of Lukens, said, "The acquisition of Washington Steel is a historic event at Lukens. We are bringing together a leading plate steel producer and a leading stainless steel producer. The strategic value of this combination will have a positive, long-term effect on both companies.
 "The ultimate benefit of the acquisition lies in our ability to continue to invest in and fully utilize the advanced technological, production and marketing capabilities of both companies while serving a broader marketplace," Van Sant said. "From an organizational standpoint, Washington has a strong and seasoned management team and a dedicated workforce led by Thomas C. Graham, chairman and chief executive officer. The companies have cultural and operating philosophies, with respect to employees, customers and shareholders, that are very compatible."
 The Lukens chief executive officer said, "In all respects, we believe the Washington acquisition advances Lukens' long-term strategy to grow and build value while staying closely aligned with our strengths."
 Washington Steel Corporation is one of the leading stainless steel producers in North America, with two production facilities in Pennsylvania and one in Ohio and seven stainless distribution centers in the U.S. and Canada. The company's products are sold to a wide variety of customers serving the consumer and capital goods markets. Washington has about 1,200 employees.
 Founded in 1810, Lukens Steel is the country's third largest plate steel producer with principal markets in the capital goods and infrastructure sectors. Sixty-seven percent of Lukens' 1991 revenues were derived from Lukens Steel with the balance contributed by Lukens' industrial operations.
 Lukens Inc. is a Fortune 500 company that provides products and services to the industrial, energy, construction, defense and transportation markets.
 /delval/
 -0- 3/30/92
 /CONTACT: W. Evelyn Walker of Lukens, 215-383-2504/
 (LUC) CO: Lukens, Inc.; Washington Steel Corporation ST: Pennsylvania IN: MNG SU: TNM


MP -- PH005 -- 2697 03/30/92 08:31 EST
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Date:Mar 30, 1992
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