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REPUBLIC REPORTS DOUBLING OF OPERATING INCOME FOR FISCAL 1993

 MASSILLON, Ohio, Sept. 1 /PRNewswire/ -- Republic Engineered Steels, Inc. announced today that its operating income for the fiscal year which ended June 30, 1993, amounted to $33,481,000. The 1993 income figure was more than double Republic's operating income of $14.5 million in fiscal 1992. In the fourth quarter of fiscal 1993, its operating income was $15,602,000.
 The company also had record shipments for the year of 935,782 tons. That compares with shipments in the year earlier period of 795,374.
 "These are very positive developments for our employee-owned company," said Russell W. Maier, president and chief executive officer. "Orders for Republic's special quality bar products have been strong throughout the last six months and appear to be favorable well into fall. The automotive market, which is very important to us, continues at a healthy pace and cold finished products are moving very well," Maier continued.
 During the past quarter, Republic completed its acquisition of Western Steel, a cold finished bar producer, which it plans to begin operating later this year. That should further improve Republic's cold finished market position. The automotive market, which accounts for over one-half of Republic's shipments, has been positively impacted by the fact that vehicle sales are up and inventories of cars and trucks on dealers' lots are down.
 Sales revenues for the year reached $646,162,000, up by roughly $80 million from fiscal 1992. The comparison of operating income, shipments and revenues for the year and fourth quarter are:
 Dollars in Millions
 FY FY 4th Qtr. 4th Qtr. 3rd Qtr.
 1993 1992 1993 1992 1993
 Operating Income $33.5 $14.5 $15.6 $9.9 $11.9
 Shipments (net tons) 935,782 795,374 262,156 224,148 249,565
 Sales Revenues $646.2 $566.1 $179.0 $153.0 $171.5
 While increased volume contributed to the favorable financial results, price levels must be improved in the future. Maier said that the International Trade Commission's refusal in July to find injury to the special quality bar industry from dumped imports of Brazilian steel was very difficult to understand. "Therefore," he said, "we are pursuing with the Timken Company (our co-petitioner) a possible appeal of that decision to the U.S. Court of International Trade."
 Republic Engineered Steels, Inc., an employee-owned company, 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 employs about 5,000 people and has plants in Canton and Massillon, Ohio; Beaver Falls, Pa.; Gary, Ind.; Willimantic, Conn.; and Chicago.
 -0- 9/1/93
 /CONTACT: Harold V. Kelly, vice president of law & public affairs of Republic Engineered Steels, 216-837-7045/


CO: Republic Engineered Steels ST: Ohio IN: MNG SU: ERN

KL -- CL020 -- 8137 09/01/93 17:16 EDT
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Publication:PR Newswire
Date:Sep 1, 1993
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