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OREGON STEEL ANNOUNCES SETTLEMENT OF LAWSUIT

 PORTLAND, Ore., Jan. 26 /PRNewswire/ -- Oregon Steel Mills Inc. (NYSE: OS) announced today the settlement of former employee lawsuits that have been pending since 1988. The settlement amount of approximately $5 million (net of primary insurance coverage) will be taken as a charge to income in the fourth quarter of 1992.
 Thomas Boklund, chairman and chief executive officer of Oregon Steel, said, "The settlement removes a significant financial unknown that has for several years consumed an inordinate amount of management time and company resources. Among other claims, the plaintiffs were seeking damages as a result of the purchase by the company from August 1985 through March of 1987, of 1.6 million shares of Oregon Steel stock held by the company's ESOP and the distribution of the proceeds from those transactions to the plaintiffs. At today's share price, damages calculated on this basis could have equated to more than $40 million of value."
 Oregon Steel is pursuing a coverage claim for the settlement amount against the excess liability insurer which provided the company's director and officer liability insurance. The excess liability insurer has reserved its rights under the policy. Any recovery from the insurer will be recorded as a gain in subsequent periods.
 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.
 -0- 1/26/93
 /CONTACT: Vicki Tagliafico of Oregon Steel Mills, 503-240-5226/
 (OS)


CO: Oregon Steel Mills Inc. ST: Oregon IN: MNG SU:

SW -- SE012 -- 9122 01/26/93 13:39 EST
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Publication:PR Newswire
Date:Jan 26, 1993
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