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OREGON STEEL MILLS ANNOUNCES RESULTS FOR FIRST QUARTER

 OREGON STEEL MILLS ANNOUNCES RESULTS FOR FIRST QUARTER
 PORTLAND, Ore., April 20 /PRNewswire/ -- Oregon Steel Mills Inc. (NYSE: OS) reported first-quarter 1992 net income of $10.7 million, or 56 cents on 19.1 million average common shares outstanding. This is a decrease of 6 percent from the $11.4 million, or 63 cents per share on 18 million average common shares outstanding, in the first quarter of 1991. First-quarter 1992 sales increased 3.3 percent to $122.8 million from $118.9 million in the comparable 1991 period as sales of the company's steel products increased to 197,500 tons from 183,000 tons.
 Selling prices for the company's steel products for the first quarter of 1992 averaged $622 per ton, compared with $650 per ton for the comparable 1991 period.
 Thomas B. Boklund, chairman and chief executive officer of Oregon Steel Mills, said, "Our first-quarter results are remarkably good, considering the overall market conditions in the steel industry and the average selling prices of plate during this period. Average transaction prices on plate are off approximately 8 percent from the comparable period last year. However, this decline has been somewhat offset by our continued reduction of manufacturing costs at our Portland steel mill. It is apparent that our capital expenditures over the past five years have contributed significantly to lowering our costs. Our steelmaking productivity is at the highest level in the history of our company." Boklund added, "We do not anticipate the overall pricing of plate steel to improve during 1992. However, our continued commitment to being one of the lowest cost producers in the industry while maintaining high quality and customer service standards will help see us through this difficult period.
 "The company expects its sales of domestic large diameter steel pipe in 1992 to remain high by historical standards (principally because of the Pacific Gas Transmission Co. pipeline order). However, these sales will not be as high as those experienced in 1991 and the company does not believe those levels will be achieved in the foreseeable future. In 1992, the company expects to ship approximately 650,000 tons of total steel products which includes approximately 260,000 tons of large diameter pipe. During the 1992 first quarter, pipe shipments were 98,000 tons. The low price of natural gas continues to negatively impact replacement and maintenance programs which are primary markets for the Napa Pipe facility."
 Boklund continued, "Our strong balance sheet, which is currently free of long-term debt, allows us to pursue our strategy of market and product expansion through acquisitions. We have been successful in the past in acquiring underutilized assets to further strengthen and grow our company, and our intention is to continue this process during 1992."
 Oregon Steel signed a memorandum of understanding earlier this year to acquire a 60-percent interest in a joint venture that will purchase Stelco's steel pipe-making facilities in Camrose, Alberta.
 Oregon Steel is still engaged in discussions with CF&I Steel in Pueblo, Colo., to determine whether the companies can enter into a transaction that would enable CF&I to emerge from bankruptcy. No agreements have been reached and there is no assurance that any such agreement will be reached.
 Oregon Steel Mills Inc. owns and operates a steel 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, and a steel pipe mill in Napa, Calif., that produces large diameter oil and natural gas transmission line pipe.
 OREGON STEEL MILLS INC. AND SUBSIDIARY COMPANIES
 CONDENSED CONSOLIDATED INCOME STATEMENTS
 (Unaudited, in thousands, except percentages,
 tonnage and per-share amounts)
 Percent
 Increase/
 Three Months Ended March 31: 1992 1991 (Decrease)
 Sales $122,826 $118,906 3.3
 Costs of sales 92,695 88,620 4.6
 Selling, general and
 administrative expenses 7,579 6,372 18.9
 Contribution to employee stock
 ownership plan 1,000 1,500 (33.3)
 Profit participation 4,395 4,491 (2.1)
 Operating income 17,157 17,923 (4.3)
 Interest and dividend income 142 363 (60.9)
 Other income (expense) net (241) (189) 27.5
 Total 17,058 18,097 (5.7)
 Income tax expense (6,312) (6,696) (5.7)
 Net income $ 10,746 $ 11,401 (5.7)
 Net income per common share $ 0.56 $ 0.63 (11.1)
 Weighted average common
 shares outstanding 19,130 17,984 6.4
 Tonnage sold 197,500 183,000 7.9
 Gross profit per ton $ 153 $ 165 (7.3)
 Gross profit percentage (pct.) 24.5 25.5 --
 CONDENSED BALANCE SHEETS
 (In thousands)
 March 31, Dec. 31,
 1992 1991
 (unaudited)
 Current assets:
 Cash and cash equivalents $ 19,238 $ 14,674
 Trade accounts receivable 45,721 42,462
 Inventories 100,515 102,837
 Other 6,534 7,510
 Total 172,008 167,483
 Property, plant and equipment, net 146,590 144,641
 Other assets 13,867 12,810
 Total $332,465 $324,934
 Current liabilities $ 47,161 $ 43,298
 Long-term debt -- 3,417
 Deferred taxes 12,525 12,116
 Other liabilities 14,298 20,146
 Total 73,984 78,977
 Stockholders' equity 258,481 245,957
 Total $332,465 $324,934
 -0- 4/20/92
 NOTE TO EDITORS: There will be a conference call to discuss the press release and the quarterly results Wednesday, April 22, at 8 a.m. PDT. The conference call phone number is 212-346-6260.
 /CONTACT: Vicki A. Tagliafico of Oregon Steel Mills, 503-240-5226/
 (OS) CO: Oregon Steel Mills Inc. ST: Oregon IN: MNG SU: ERN


SC-LM -- SE013 -- 0317 04/20/92 21:01 EDT
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