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ROANOKE ELECTRIC STEEL ANNOUNCES FIRST QUARTER RESULTS

 ROANOKE, Va., Feb. 17 /PRNewswire/ -- Roanoke Electric Steel Corporation (NASDAQ-NMS: RESC) today reported net earnings for the first quarter ended Jan. 31, 1993, of $517,856, or 10 cents per share of common stock, compared to a net loss of $339,951, or 6 cents per share, reported for the first quarter last year. Sales for the first quarter of 1993 were $35,999,788, a 7 percent increase from sales of $33,677,658 reported for the same period last year.
 Donald G. Smith, chairman and chief executive officer, stated: "The improved results for the quarter were due to higher shipment levels at increased gross profit margins. Better market conditions, particularly for billets, contributed to the increased shipments, while the higher margins were mainly the result of increased selling prices for all products and lower scrap costs."
 ROANOKE ELECTRIC STEEL CORPORATION
 Three months ended
 1/31/93 1/31/92
 Net sales $35,999,788 $33,677,658
 Earnings (loss) before income tax 818,686 (599,171)
 Income tax 300,830 (259,220)
 Net earnings (loss) 517,856 (339,951)
 Earnings (loss) per share 10 cents (6 cents)
 Average shares outstanding 5,303,709 5,300,709
 Roanoke Electric Steel Corporation is a mini-mill producer of finished steel products, consisting of angles, plain rounds, flats, channels and reinforcing bars, which are sold to steel fabricators and steel service centers, and semi-finished steel billets, which are sold to other steel producers. Four subsidiaries are involved in various steel-related activities, consisting of steel scrap processing, steel bar joist fabrication and reinforcing bar fabrication.
 -0- 2/17/93
 /CONTACT: Thomas J. Crawford of Roanoke Electric Steel, 703-342-1831/
 (RESC)


CO: Roanoke Electric Steel Corporation ST: Virginia IN: MNG SU: ERN

PB -- DC008 -- 7162 02/17/93 09:03 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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