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OREGON STEEL MILLS ANNOUNCES MEMO OF UNDERSTANDING WITH STELCO

OREGON STEEL MILLS ANNOUNCES MEMO OF UNDERSTANDING WITH STELCO
 PORTLAND, Ore., Feb. 10 /PRNewswire/ -- Oregon Steel Mills Inc. (NYSE: OS) announced that a Memorandum of Understanding to purchase a 60-percent interest in Stelco's pipemaking facilities in Camrose, Alberta, has been signed. The purchase price for Oregon Steel's interest is approximately $26.5 million(U.S.). The transaction is effective as of Jan. 2 and is expected to close by June of 1992.
 Stelco and Oregon Steel will form a joint venture to own and operate the Camrose facility with Oregon Steel assuming day-to-day management responsibility. The memo of understanding contains plate supply agreements for the large diameter pipe mill.
 The Camrose facility has two pipe mills. The Electric Resistance Weld (ERW) mill manufacturing sizes ranging from 4 to 16 inches with a nominal annual capacity of up to 142,000 tons. The double submerged arc weld (DSAW) mill manufactures pipe ranging in size from 20 to 42 inches and has a nominal annual capacity of up to 180,000 tons. The DSAW mill is similar in design to Oregon Steel's Napa, Calif., facility.
 The ownership interest in the Camrose facility will give Oregon Steel product diversification in the ERW pipe and provide a presence in the Canadian oil and gas pipe markets. Enhanced supply and service to Western oil and gas transmission customers is expected. Oregon Steel will supply plate from its Portland, Ore., and Fontana, Calif., mills for the large diameter pipe production.
 This venture unites two of North America's preeminent producers of large diameter API pipe.
 Oregon Steel owns and operates a steel minimill in Portland, a steel plate rolling mill in Fontana, which produces hot-rolled carbon, high-strength low alloy, heat-treated and alloy steel plate, and a steel pipe mill in Napa, which produces large diameter oil and natural gas transmission line pipe.
 -0- 2/10/92
 /CONTACT: Vicki Tagliafico of Oregon Steel Mills, 503-240-5226/
 (OS) CO: Oregon Steel Mills Inc.; Stelco ST: Oregon IN: MNG SU: TNM


SC-LM -- SE010 -- 8453 02/10/92 16:33 EST
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Publication:PR Newswire
Date:Feb 10, 1992
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