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REPUBLIC FINALIZES WESTERN STEEL PURCHASE

 MASSILLON, Ohio, July 28 /PRNewswire/ -- Republic Engineered Steels, Inc. today announced that it has concluded the purchase of most of the assets of the Western Steel Group, Inc. for $4.5 million. The Western cold finishing plants are located in Gary, Ind. and Elyria, Ohio.
 Republic acquired the plant, equipment and real estate of the Gary facilities, as well as the equipment and spare parts from the Elyria facility. Additionally, it purchased all patents and other intellectual property of Western. Over the next year, Republic has agreed to explore the possibility of leasing the Elyria plant for limited operations there.
 Russell W. Maier, president and chief executive officer of Republic said, "The completion of this acquisition adds important economic and operating benefits to Republic's existing strengths. Part of our strategic plan is to grow in the cold finished steel market. This is a first step." Maier went on to express appreciation for the cooperation of the various government officials who have assisted in bringing this purchase to a successful completion.
 Western Steel has been under the control of an Ohio State Receiver since August of 1992. The Receiver was charged with selling the assets of Western. On June 7, 1993, the Lorain County Court of Common Pleas entered an order approving the sale of the Western assets to Republic. That order became final on July 7, thus clearing the way for today's closing of the sale.
 John E. Burnsworth, general manager of Republic's Cold Finished Division said, "We hope to begin start up of the Gary Plant's operations in the fall. A design team has been working on the procedures for staffing and employment at the plant. The closing of the transaction now allows us to finalize this process and to take the steps necessary to insure a smooth and successful start up."
 Republic, which presently has cold finishing plants in Gary, as well as in Beaver Falls, Pa.; Massillon, Ohio and Willimantic, Conn., is the nation's largest integrated producer of carbon and alloy cold finished bars. It is an employee-owned company of approximately 5,000 people which is also the leading domestic producer of high-quality bar and specialty steels designed to meet the world's most demanding applications. It is headquartered in Massillon, Ohio and has other plants in Canton and Massillon, Ohio and Chicago.
 -0- 7/28/93
 /CONTACT: Harold V. Kelly, vice president, law & public affairs, Republic Engineered Steels, 216-837-7045/


CO: Republic Engineered Steels; Western Steel Group, Inc. ST: Ohio, Indiana IN: MNG SU: TNM

BM -- CL002 -- 6773 07/28/93 13:31 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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