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REPUBLIC REPORTS SECOND QUARTER RESULTS

 REPUBLIC REPORTS SECOND QUARTER RESULTS
 MASSILLON, Ohio, March 31 /PRNewswire/ -- Republic Engineered


Steels, Inc. today reported a net operating loss before OPEB(A) of $5.9 million for its second fiscal quarter which ended Dec. 31, 1991.
 In reporting the loss, Russell W. Maier, president and CEO, said, "Obviously, we were disappointed with the financial results for the quarter. The very depressed state of the economy and of the markets for bar products directly attributed to the loss.
 "However, many positive things were accomplished during the quarter, especially noteworthy being the payoff of more than $45 million of debt. This was possible because of a strong positive generation of cash by the company," Maier continued.
 Even after the substantial reduction in Republic's debt, the company had a cash position of $30 million on Dec. 31, 1991.
 Republic's trade shipments for this period were 176,949 net tons, generating sales revenues of $130.4 million. Second quarter a year ago operating income before OPEB was $4.6 million on sales of $144.5 million and shipments of 197,826 tons.
 "While our second fiscal quarter was a difficult time, the early months of 1992 have seen a significant upturn in orders for Republic's products," Maier said.
 In addition, Maier said the major efforts Republic has undertaken to reduce its costs have begun to take hold.
 "Under Republic's 'Target 80' program, our employee-owners have identified almost $62 million of cost reduction opportunities and are in the process of implementing roughly $42 million of those projects," he said. "This effort, coupled with a slow but steady improvement in the economy should make for a much improved last half of our fiscal year."
 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.
 (A) OPEB stands for Other Post Employment Benefits. It is a non- cash charge which recognizes Republic's potential future liability for retiree health and life insurance costs.
 -0- 3/31/92
 /CONTACT: Harold V. Kelly of Republic Engineered Steels, 216-837-7045/ CO: Republic Engineered Steels ST: Ohio IN: MNG SU: ERN


DA -- CL020 -- 3597 03/31/92 16:58 EST
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Date:Mar 31, 1992
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