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ROANOKE ELECTRIC STEEL ANNOUNCES FIRST QUARTER RESULTS

 ROANOKE ELECTRIC STEEL ANNOUNCES FIRST QUARTER RESULTS
 ROANOKE, Va., Feb. 18 /PRNewswire/ -- Roanoke Electric Steel


Corporation (NASDAQ-NMS: RESC) today reported a net loss for the first quarter ended Jan. 31, 1992, or $339,951, or (6) cents per share of common stock, compared to net earnings of $737,772, or 14 cents per share, reported for the first quarter last year. Sales for the first quarter of 1992 were $33,677,658, compared to $32,831,271 for the 1991 first quarter.
 Donald G. Smith, Chairman and Chief Executive Officer, stated:
 "The loss for the period reflects the continuing depressed economic conditions which have adversely affected demand, selling prices, production levels and activity within the construction industry. Even though sales were higher for the quarter, gross margins were considerably lower and contributed to the loss."
 ROANOKE ELECTRIC STEEL CORPORATION
 3 Months Ended
 1/31/92 1/31/91
 Net Sales $33,677,658 $32,831,271
 Earnings (Loss)
 Before Income Tax $ (599,171) $ 1,182,925
 Income Tax $ (259,220) $ 445,153
 Net Earnings (Loss) $ (339,951) $ 737,772
 Earnings (Loss) Per Share $ (.06) $ .14
 Average Shares Outstanding 5,300,709 5,300,709
 Certain amounts from 1991 above have been reclassified from their original presentation to conform with the current year presentation.
 Roanoke Electric Steel Corporation is a mini-mill producer of steel products, consisting of angles, plain rounds, flats, channels and reinforcing bars, which are sold to steel fabricators and steel service centers across the eastern United States. Four subsidiaries are involved in various steel-related activities, consisting of steel scrap production, steel bar joist fabrication and reinforcing bar fabrication.
 -0- 2/18/92
 /CONTACT: Thomas J. Crawford, Roanoke Electric Steel Corporation, 703-342-1831/
 (RESC) CO: Roanoke Electric Steel Corporation ST: Virginia IN: MNG SU: ERN


DF-JZ -- CH008 -- 0155 02/18/92 17:08 EST
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Date:Feb 18, 1992
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