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TAMSA REPORTS RESULTS

 TAMSA REPORTS RESULTS
 MEXICO CITY, Aug. 3 /PRNewswire/ -- Tubos de Acero de Mexico, S.A.


(AMEX: TAM) today released the following:
 In reference to the press releases dated March 31 and May 12, 1992, the company went in to an aggressive restructuring of its production process in response to the prevailing market conditions in order to maintain its position in the international market for seamless steel pipe. The numbers of the company as of June 30, 1992, reflect such a process in which the company was successful in reducing its cost structure while improving its operation. The costs associated with the reduction of 54 percent of its personnel, and the temporary stoppage of the mills, is reflected in the extraordinary item for this quarter.
 TUBOS DE ACERO DE MEXICO, S.A. AND SUBSIDIARIES
 Consolidated Statements of Financial Position
 (In millions of Mexican pesos with purchasing power
 as of June 30, 1992)
 6/30/92 6/30/91
 ASSETS
 Current assets:
 Cash P 267,821 P 283,387
 Accounts & notes receivable 297,166 353,580
 Inventories 491,418 531,727
 Prepaid expenses & recoverable taxes 25,123 25,935
 Total current assets 1,081,528 1,194,629
 Non-current assets:
 Investments in associated and
 affiliated companies & other assets 48,239 63,354
 Property, plant & equipment 4,281,999 4,649,853
 Less allowance for depreciation (1,316,015) (1,324,612)
 Total 2,965,984 3,325,241
 Installations & construction
 in progress 94,518 52,375
 Net property, plant & equipment 3,060,502 3,377,616
 Total non-current assets 3,108,741 3,440,970
 Total assets 4,190,269 4,635,599
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Notes payable to banks and other
 financial institutions (including
 current portion of long-term
 debt: 1992, P.41,250; 1991
 P.35,494) P 589,658 P 595,906
 Trade accounts and notes payable 102,087 138,134
 Other accounts payable & accrued
 expenses 79,670 188,878
 Total current liabilities 771,415 922,918
 Non-current liabilities -- --
 Long-term debt 750,447 756,082
 Other liabilities 5,362 10,060
 Total non-current liabilities 755,809 766,142
 Total liabilities 1,527,224 1,689,060
 Shareholders' equity
 Capital stock 2,259,371 2,063,255
 Other paid-in capital 1,577,478 1,578,893
 Accumulated earnings:
 Legal and other reserves 2,582,420 2,454,480
 Net earnings for the period (64,487) 60,307
 Total 2,517,933 2,514,787
 Loss from holding of non-monetary
 assets (3,691,737) (3,210,396)
 Total shareholders' equity 2,663,045 2,946,539
 Total liabilities & shareholders'
 equity 4,190,269 4,635,599
 6/30/92 6/30/91
 Net sales P 486,180 P 689,866
 Cost and expenses
 Cost of products sold (356,561) (493,235)
 Selling, general & admin. expenses (69,610) (94,102)
 Integral financing (cost) income (21,477) (31,224)
 Other (expenses) income, net (89,627) 2,632
 Total costs and expenses (537,275) (615,929)
 Earnings before taxes (51,095) 73,937
 Tax on net assets (13,392) (13,630)
 Net earnings (loss) (64,487) 60,307
 Mexico pesos
 Net earnings (loss) per common share P(1,176,45) P 1,235,42
 -0- 8/3/92
 /CONTACT: Alfredo Freyssinier of Tubos de Acero de Mexico, 011-525-726-9013/
 (TAM) CO: Tubos De Acero De Mexico, S.A. ST: IN: MNG SU: ERN


SH-PS -- NY063 -- 6282 08/03/92 15:56 EDT
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Date:Aug 3, 1992
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