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REPUBLIC ANNOUNCES THIRD QUARTER RESULTS

 REPUBLIC ANNOUNCES THIRD QUARTER RESULTS
 MASSILLON, Ohio, May 6 /PRNewswire/ -- Republic Engineered Steels,


Inc. today announced an operating income of $7,016,000 for its third fiscal quarter ending March 31, 1992. Sales revenue for this period was $146,223,000. Republic's operating income figure is calculated before accounting charges are taken for Other Post Employment Benefits (OPEB) which recognize future liability for retiree health and life insurance.
 Russell W. Maier, president and CEO, indicated he was pleased with the results, considering the lingering effects of the recession on the steel bar marketplace. "The employees of Republic have performed well during the very protracted economic downturn. Their efforts are now paying off as the economy turns ever so slowly upward," he said.
 Maier stated that the Republic order book began improving in January of this year and continues to be much better than it was in the last half of calendar 1991. "The market is firming. Hopefully that trend signals the beginning of a long and sustained period of economic growth for the nation and Republic. But to a major extent that potential growth will be influenced - positively or negatively - by government policies. We can no longer afford 'business as usual' public policies. Our leaders must take actions designed to support U.S. businesses and industries, which are, after all, the job sustaining engine of the nation," Maier commented.
 Republic's trade shipments for the quarter were 205,076 net tons. Compared with the previous quarter and the third fiscal quarter a year ago, operating income, sales revenue and trade shipments for the current period were all up significantly. The comparison is (dollars in millions):
 3rd qtr. 2nd qtr. 3rd qtr.
 '92 '92 '91
 Operating Income $ 7.01 $ (5.9) $ (5.7)
 Sales Revenue $146.2 $130.4 $138.4
 Trade Shipments 205,076 176,949 187,483
 Maier concluded by noting that the company's cash position remained strong -- approaching $30 million at quarter's end and that the company continued its aggressive cost cutting efforts.
 Republic, which is on a July 1 - June 30 fiscal year basis, is the leading domestic producer of high-quality bar and specialty steels designed to meet the world's most demanding applications.
 Headquartered in Massillon, Ohio, Republic is an employee-owned company having plants in Canton and Massillon, Ohio; Beaver Falls, Pa.; Gary, Ind.; Willimantic, Conn.; and Chicago.
 -0- 5/6/92
 /CONTACT: Harold V. Kelly, vice president, Law & Public Affairs of Republic Engineered Steels, 216-837-7045/ CO: Republic Engineered Steels, Inc. ST: Ohio IN: MNG SU: ERN


LC -- CL012 -- 7155 05/06/92 13:59 EDT
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Publication:PR Newswire
Date:May 6, 1992
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