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TUBOS DE ACERO DE MEXICO REPORTS RESULTS

 TUBOS DE ACERO DE MEXICO REPORTS RESULTS
 MEXICO CITY, May 18 /PRNewswire/ -- Tubos de Acero de Mexico, S.A.


("TAMSA") (AMEX: TAM), today announced results as follows:
 TUBOS DE ACERO DE MEXICO, S.A., AND SUBSIDIARIES
 Consolidated Statements of Financial Position
 (Presented in millions of Mexican pesos
 with purchasing power as of March 31, 1992)
 3/31/92 3/31/91
 ASSETS
 Current assets:
 Cash P 484,145 P 205,117
 Accounts and notes receivable 361,644 335,492
 Inventories 522,254 535,353
 Recoverable taxes and prepaid
 expenses 25,702 21,996
 Total current assets 1,393,745 1,097,958
 Non-current assets:
 Investments in associated and
 affiliated companies and other
 assets 55,398 55,115
 Property, plant and equipment 4,171,585 4,557,640
 Less allowance for depreciation (1,278,070) (1,279,278)
 Total 2,893,515 3,278,362
 Installations and construction
 in progress 55,930 35,628
 Net property, plant and equipment 2,949,445 3,313,990
 Total non-current assets 3,004,843 3,369,105
 Total assets P 4,398,588 P 4,467,063
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Notes payable to banks and other
 financial institutions (including
 current portion of long-term debt:
 1992, P.139,178; 1991, P.9,280) P 700,876 P 541,680
 Trade accounts and notes payable 106,730 133,313
 Other accounts payable and
 accrued expenses 145,896 288,028
 Total current liabilities 953,502 963,021
 Non-current liabilities:
 Long-term debt 737,149 599,550
 Other liabilities 5,438 24,076
 Total non-current liabilities 742,587 623,626
 Total liabilities 1,696,089 1,586,647
 Shareholders' equity:
 Capital stock 2,210,531 2,018,654
 Other paid-in capital 1,543,378 1,546,480
 Accumulated earnings:
 Legal and other reserves 2,527,130 2,400,910
 Net earnings for the period 28,165 23,404
 Total 2,555,295 2,424,314
 Loss from holding of non-monetary
 assets (3,606,705) (3,109,032)
 Total shareholders' equity 2,702,499 2,880,416
 Total liabilities and shareholders'
 equity P 4,398,588 P 4,467,063
 TUBOS DE ACERO DE MEXICO, S.A., AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Presented in millions of Mexican pesos
 with purchasing power as of March 31, 1992)
 Three months ended March 31 1992 1991
 Net sales P 293,359 P 318,210
 Cost and expenses:
 Cost of products sold (226,894) (244,971)
 Selling, general and
 administrative expenses (37,094) (41,393)
 Integral financing (cost) income 2,502 (4,240)
 Other income, net 2,432 2,572
 Total costs and expenses (259,054) (288,032)
 Earnings before taxes 34,305 30,178
 Tax on net assets (6,140) (6,774)
 Net earnings P 28,165 P 23,404
 Mexican pesos
 Net earnings per common share P 513.82 P 479.44
 TUBOS DE ACERO DE MEXICO, S.A., AND SUBSIDIARIES
 Consolidated Statements of Changes in Financial Position
 (Presented in millions of Mexican pesos
 with purchasing power as of March 31, 1992)
 Three months ended March 31 1992 1991
 Resources provided by operations:
 Net earnings P 28,165 P 23,404
 Adjustments to reconcile net earnings
 to resources provided by operating
 activities:
 Depreciation 24,776 29,228
 Interest expenses and foreign
 exchange loss, net (9,188) 6,032
 (Increase) decrease in accounts
 receivable (38,025) (83,898)
 (Increase) decrease in inventories (37,234) 32,032
 (Increase) decrease in recoverable
 taxes and prepaid expenses (6,278) (1,889)
 Increase in trade accounts and notes
 payable 8,462 11,428
 Increase in other accounts payable
 and accrued expenses 74,378 (54,499)
 Equity adjustment from translation (190) 183
 Other 218 47
 Total adjustments 16,919 (61,336)
 Resources (used in) provided by
 operations 45,084 (37,932)
 Resources used in investing activities:
 Investments in affiliated companies (650) (919)
 Payments for purchases of property,
 plant and equipment and installations
 and construction in progress (23,924) (9,202)
 Resources used in investing
 activities (24,574) (10,121)
 Resources provided (used) by
 financing activities:
 Net increase in notes payable to
 banks and long-term debt 46,845 (195,583)
 Adjustment for inflation to notes
 payable to banks and long-term debt 129,930 --
 Resources provided (used) by
 financing activities 176,775 (195,583)
 Net increase (decrease) in cash 197,285 (243,636)
 Cash at beginning of the period 286,860 448,753
 Cash at end of the period P 484,145 P 205,117
 -0- 5/18/92
 /CONTACT: Alfredo Freyssinier of Tubos de Acero, in Mexico City, 5-202-0003/
 (TAM) CO: Tubos de Acero de Mexico ST: IN: MNG SU:


GK -- NY013 -- 1162 05/18/92 09:25 EDT
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