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REYNOLDS METALS COMPANY REPORTS SECOND QUARTER RESULTS

 REYNOLDS METALS COMPANY REPORTS SECOND QUARTER RESULTS
 RICHMOND, Va., July 15 /PRNewswire/ -- Reynolds Metals Company (NYSE: RLM) today reported second quarter net income of $33.1 million, or 56 cents per common share, compared with $61.4 million, or $1.04 per share, in the second quarter a year ago.
 Revenues in the latest period were $1,497.6 million, compared with $1,523.5 million in the second quarter of 1991. Record shipments in the latest quarter were 393,400 metric tons, compared with 379,700 in the second quarter of 1991.
 "While Reynolds shipments were the highest for any quarter in the company's history, earnings reflect continued low prices in the aluminum industry," said Richard G. Holder, chairman and chief executive officer. "Still, Reynolds performance demonstrates the company's ability to perform profitably despite the unfavorable market conditions we continue to experience."
 "Order rates are strong for both Reynolds and the aluminum industry. Demand is up, particularly in the U.S.," said Mr. Holder. "However, prices remain weak as the result of continued worldwide oversupply due to recessions in some other countries, aggravated by substantial new capacity and CIS exports. We expect moderately rising producer inventories and price weakness to continue through the summer and to show improvement in the fall," he said.
 Compared to the first quarter of 1992, as well as last year's second quarter, the company recorded increases in shipments for cans, consumer and packaging products, residential building materials and international fabricated products, according to Mr. Holder. He said continued cost reduction efforts also contributed to earnings for the period.
 For the first half of the year, the company reported net income of $46.4 million, or 78 cents per share, on revenues of $2,827.8 million, compared with net income of $88.9 million, or $1.50 per share, on revenues of $2,898.2 million in the first six months of 1991.
 For the half, shipments totaled 727,100 metric tons, compared with 701,800 in the first half of 1991.
 Following is a tabulation of the company's results:
 Reynolds Metals Company
 Quarter ended Six months ended
 June 30 June 30
 (In millions, except per
 share amounts) 1992 1991 1992 1992
 Net sales $1,489.8 $1,512.4 $2,774.0 $2,875.3
 Equity, interest and
 other income 7.8 11.1 17.7 22.9
 Gain on sale of investment -- -- 36.1 --
 TOTAL REVENUES 1,497.6 1,523.5 2,827.8 2,898.2
 Cost of products sold 1,248.6 1,227.9 2,325.5 2,370.5
 Selling/administrative/
 general expenses 89.6 95.5 178.1 188.9
 Depreciation and
 amortization 71.4 68.0 141.5 128.8
 Interest expense 42.1 40.6 83.0 77.5
 Provision for estimated
 environmental costs -- -- 10.0 --
 Anticipated costs associated
 with uneconomic operations -- -- 21.0 --
 TOTAL COSTS AND EXPENSES 1,451.7 1,432.0 2,759.1 2,765.7
 Income before income
 taxes 45.9 91.5 68.7 132.5
 Taxes on income 12.8 30.1 22.3 43.6
 NET INCOME $33.1 $61.4 $46.4 $88.9
 Average shares outstanding 59.5 59.3 59.5 59.3
 PRIMARY EARNINGS PER SHARE $0.56 $1.04 $0.78 $1.50
 Cash dividends
 per common share $0.45 $0.45 $0.90 $0.90
 Aluminum Product Shipments
 (In thousands of metric tons)
 Quarter Six Months
 1992 1991 1992 1991
 Primary 70.9 76.2 126.3 132.4
 Secondary and
 Miscellaneous 34.3 30.0 61.1 58.1
 Fabricated 288.2 273.5 539.7 511.3
 Total 393.4 379.7 727.1 701.8
 Dollar Sales by Product
 (In millions) Quarter Six Months
 1992 1991 1992 1991
 Primary $98.1 $110.2 $169.0 $199.1
 Secondary and
 Miscellaneous 44.4 39.0 75.2 78.6
 Fabricated 1,028.3 1,052.8 1,920.9 2,001.1
 All Other 319.0 310.4 608.9 596.5
 Total $1,489.8 $1,512.4 $2,774.0 $2,875.3
 -0- 7/15/92
 /CONTACT: Lou Anne Nabhan of Reynolds Metals Company, 804-281-2965 or (home) 804-359-2986/
 (RLM) CO: Reynolds Metals Company ST: Virginia IN: MNG SU: ERN


CM -- CH003 -- 9414 07/15/92 09:29 EDT
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Date:Jul 15, 1992
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