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UNR REPORTS $2.00 PER SHARE OF TAX BENEFITS AND TAX FREE STATUS OF RECENT DIVIDENDS

 CHICAGO, Jan. 18 /PRNewswire/ -- UNR Industries, Inc. (NASDAQ/MSE: UNRI) reported that it will record a tax benefit increasing net income and stockholders' equity by approximately $90 million, or $2.00 per share. This amount will be reflected in the company's 1992 financial results.
 As previously reported by the company, the Internal Revenue Service issued final tax regulations on Dec. 21, 1992 dealing with the tax treatment of the company's 1989 transfer of 29.4 million shares of UNR stock to the UNR Asbestos-Disease Claims Trust. The regulations permit alternative tax treatment for the transfer of shares to the Trust.
 The company and the Trust will treat the Trust as a Qualified Settlement Fund on Jan. 1, 1993, which entitles the company to a tax deduction equivalent to the value of the stock held by the Trust on that date. This tax deduction will substantially reduce the company's 1993 income tax liability and will also generate tax loss carry-backs and carry-forwards resulting in a substantial tax refund in 1994. Future expenditures by the Trust will no longer be deductible by the company.
 The company also reported that the previously announced extra- ordinary dividend of $2.00 per share, as well as the $0.20 regular dividend, both payable on February 1, 1993, will be non-taxable return of capital distributions. Any further distributions in 1993, would also be treated as return of capital.
 -0- 1/18/93
 /CONTACT: Henry Grey of UNR Industries, Inc., 312-341-1234/
 (UNRI)


CO: UNR Industries, Inc. ST: Illinois IN: SU:

KK -- CL003 -- 5788 01/18/93 09:34 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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