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OREGON STEEL MILLS ANNOUNCES DISCUSSIONS WITH CF&I

 OREGON STEEL MILLS ANNOUNCES DISCUSSIONS WITH CF&I
 PORTLAND, Ore., Jan. 27 /PRNewswire/ -- Oregon Steel Mills Inc.


(NYSE: OS) (Oregon Steel) and C F & I Steel Corp. (CF&I) announced today that they are engaged in discussions to determine whether Oregon Steel and CF&I could enter into a transaction that would enable CF&I to emerge from bankruptcy. No determination has been made of the form that any transaction between CF&I and Oregon Steel might take or of the nature or amount of consideration that would be involved. Both parties emphasized that they have not reached a preliminary agreement with respect to any such transaction and that there can be no assurance that any such agreement will be reached. Any such agreement would also be subject to the approval of the Bankruptcy Court.
 CF&I, whose principal steelmaking and finishing facilities are located in Pueblo, Colo., manufactures steel rail, oil country tubular goods and wire and bar products for the construction- and agriculture- related industries. CF&I is the only domestic manufacturer of steel rail located in the western United States.
 Oregon Steel owns and operates a steel minimill in Portland, a steel plate rolling mill in Fontana, Calif., which produces hot-rolled carbon, high-strength low alloy, heat-treated and alloy steel plate, and a steel pipe mill in Napa, Calif., which produces large-diameter oil and natural gas transmission line pipe.
 -0- 1/27/92
 /CONTACT: Vicki Tagliafico of Oregon Steel Mills, 503-240-5226/
 (OS) CO: Oregon Steel Mills Inc.; C F & I Steel Corp. ST: Oregon, Colorado IN: MNG SU: BCY


SC-LM -- SE006 -- 3779 01/27/92 13:00 EST
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Publication:PR Newswire
Date:Jan 27, 1992
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