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QUANEX BOARD OF DIRECTORS APPROVES MACSTEEL'S PHASE II PROJECT

 QUANEX BOARD OF DIRECTORS APPROVES MACSTEEL'S PHASE II PROJECT
 HOUSTON, June 29 /PRNewswire/ -- Quanex Corporation (NYSE:NX), a "Fortune 500" company and leading manufacturer of specialized metals, said today that its board of directors has approved Phase II of MacSteel's Ultra-Clean Steel Program. The project is estimated to cost $52 million.
 Phase II is a strategic expansion of the rolling and finishing mills to produce hot finished bars with close dimensional tolerances. It also increases plant capacity and rolled bar size range at the Jackson, Mich., and Fort Smith, Ark., plants. The entire project is expected to be completed by December 1994.
 Carl E. Pfeiffer, chairman and CEO said, "This project will complete the investment in MacSteel's Ultra-Clean Steel Program. It will be funded with a portion of the proceeds from our recently completed $86.3 million convertible exchangeable preferred stock offering."
 Quanex is a technological leader in the manufacture of steel, aluminum and titanium specialty metal products for transportation, capital equipment, home building and remodeling and energy processing markets.
 Latest 12 months (through second quarter 1992) data: sales: $577 million; operating income: $32.1 million; net income: $12.4 million, cash from operations: $49.7 million; primary earnings per share: $1.03; quarterly dividend rate: $.13 per share; book value per share: $13.31; return on common equity: 7.9 percent; common stock price range (latest 52 week high/low) $31-3/4 and $15-1/4.
 -0- 6/29/92
 /CONTACT: W.F. Cleary or C.A. Meador of Quanex, 713-961-4600/
 (NX) CO: Quanex Corporation ST: Texas IN: MNG SU:


LD -- NY074 -- 4902 06/29/92 17:01 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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