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OREGON STEEL ANNOUNCES CONFIRMATION

 PORTLAND, Ore., Jan. 29 /PRNewswire/ -- Oregon Steel Mills (NYSE: OS) and CF&I Steel Corp. announced that the U.S. Bankruptcy Court for the District of Utah has confirmed the Plan of Reorganization of CF&I and its subsidiaries, according to Oregon Steel. The plan proposes the transfer of substantially all the assets of CF&I and certain of its subsidiaries, including CF&I's steelmaking facilities in Pueblo, Colo., to a limited partnership, having a subsidiary of Oregon Steel as its sole general partner. The new partnership will continue CF&I's steelmaking business. The Unsecured Creditors' Committee, the United Steel Workers of America and the Pension Benefit Guaranty Corp. (PBGC) endorsed the plan and every class of creditor which voted, voted in favor of the plan. The purchase price is approximately $108.5 million of value, subject to adjustment on closing plus additional contingent consideration. Closing is anticipated to occur during March.
 The board of directors of Oregon Steel Mills approved the Asset Purchase Agreement at its Jan. 28 meeting in San Francisco. The board of CF&I approved the agreement at its Jan. 29 board meeting.
 The partnership currently anticipates spending approximately $165 million over the next few years for improvements to existing facilities including installation of a new rod train off of the present bar mill, installation of in-line head hardening in the rail mill and upgrading of the steel making process. The steel making upgrades include installing a new ultra-powered furnace, a ladle furnace, vacuum degassing and the elimination of ingot casting by adding the ability to continuously cast blooms for the new rail mill.
 Oregon Steel owns and operates a steel plate minimill in Portland, Ore., and a steel plate rolling mill in Fontana, Calif., which produce hot-rolled carbon, high-strength low alloy, heat treated and alloy steel plate; as well as a steel pipe mill in Napa, Calif., which produces large diameter oil and natural gas transmission line pipe. Oregon Steel also owns a 60-percent interest in Camrose Pipe Co., a Canadian partnership, which produces ERW and large diameter pipe.
 CF&I is a Pueblo, Colo.-based, nationally recognized producer of high quality and high performance long-length and standard rails and seamless oil country tubular goods. The company is the only manufacturer of such products located west of the Mississippi River. CF&I is a major western producer of rod and also manufactures high quality wire and bar products for the construction, agriculture and wire related industries.
 -0- 1/29/93
 /CONTACT: Vicki Tagliafico of Oregon Steel Mills, 503-240-5226/
 (OS)


CO: Oregon Steel Mills Inc.; CF&I ST: Oregon, Colorado IN: MNG SU: BCY

SW -- SE008 -- 1013 01/29/93 18:33 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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