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MODEST GROWTH SEEN FOR MINNESOTA POWER

 MODEST GROWTH SEEN FOR MINNESOTA POWER
 DULUTH, Minn., May 12 /PRNewswire/ -- Minnesota Power (NYSE: MPL)


Chairman and President Arend Sandbulte told shareholders at the company's annual meeting today in Duluth that the diversified electric power supplier needs to continue to grow during the decade of the '90s.
 Sandbulte reaffirmed the company's goal of an average increase in earnings of at least 5 percent per year during the 1990s, noting that existing electric operations alone cannot provide enough growth to reach that goal.
 "We're going to need increasing contributions from our non-electric businesses. By the turn of the century, our goal is for 50 percent of earnings to be coming from our electric utility, 20 percent from core support businesses and 30 percent from our water resource diversification.
 "Our goal is to make a major acquisition by the end of 1993 -- in utilities or utility-related businesses, " he said.
 "Even if 1992 is not a banner year for earnings, it will still be a good year if we continue to serve our customers the best we can while laying the groundwork for future earnings growth," Sandbulte said.
 Sandbulte highlighted a recently announced subsidiary project to build a $75 million office waste paper recycling plant in Duluth. Superior Recycled Fiber Industries (SRFI) will deliver pulp to makers of high-quality writing and printing papers.
 "The recycling plant has a dual appeal: It's economically sound and environmentally friendly. SRFI will divert 120,000 tons of office wastepaper a year from landfills. Ground will be broken for the recycling plant in two weeks. Plans call for it to be in operation in late 1993," Sandbulte said.
 Some 3000 of the company's shareholders participated in a wide range of annual meeting related activities at the Duluth Entertainment Convention Center.
 Newly elected to the company's board of directors today was Donald C. Wegmiller, 53, who is president and chief executive officer of Health One Corporation, Minneapolis.
 Re-elected to the board were Merrill K. Cragun; Dennis E. Evans; Orlando G. Fladmark; Clifford H. Grindy; Robert S. Mars, Jr.; Robert S. Nickoloff; Jack I. Rajala; Jack F. Rowe; Charles A. Russell; Mary E. Ryland and Sandbulte.
 Following the annual meeting, the board of directors re-appointed or re-elected company officers:
 -- Arend J. Sandbulte, chairman, president and chief executive officer
 -- Robert D. Edwards, group vice president-corporate services and chief financial officer
 -- Allen D. Harmon, group vice president-electric utility operations
 -- Jack R. McDonald, group vice president-corporate development
 -- Thomas A. Micheletti, group vice president-core support operations and secretary
 -- Bert T. Phillips, group vice president-water resource operations
 -- David G. Gartzke, vice president-finance and treasurer
 -- Eugene G. McGillis, vice president-customer operations
 -- Gerald B. Ostroski, vice president and president of Synertec
 -- Stephen D. Sherner, vice president-strategic resource management
 -- Geraldine R. VanTassel, corporate controller
 -- Philip R. Halverson, general counsel and assistant secretary
 -- Dennis L. Hollingsworth, assistant vice president-cash management
 -- Bruce E. Gangnon, assistant corporate controller
 -- Sean S. MacPherson, assistant secretary
 Minnesota Power common stock is traded on the New York Stock Exchange. Headquartered in Duluth, the company provides electric service to much of Upper Minnesota and Northwest Wisconsin. Subsidiary companies are involved with paper, coal, water, wastewater treatment and environmental projects.
 -0- 5/12/92
 /CONTACT: Warren F. Hudelson of Minnesota Power, 218-723-3934/
 (MPL) CO: Minnesota Power ST: Minnesota IN: OIL SU:


MA -- MN018 -- 9385 05/12/92 17:49 EDT
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Publication:PR Newswire
Date:May 12, 1992
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