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USWA ANNOUNCES "VOTE NO" CAMPAIGN AMONG ARMCO SHAREHOLDERS

 ST. PAUL, Minn., March 15 /PRNewswire/ -- The United Steelworkers of America (USWA) announced today the start of a "Vote No' campaign among shareholders of Armco, Inc. (NYSE: AS), at its April 1993, annual shareholders' meeting.
 The USWA, in a letter sent on March 12 to Norwest Corp., whose subsidiary is the largest institutional shareholder of Armco Inc., tied the "Vote No" campaign to recent management changes at Armco Steel LP.
 "I believe that Armco Steel LP, the single largest asset of Armco Inc., is being managed in such a way that shareholder value will be irreparably damaged," David Foster, director of USWA District 33, said in the letter.
 Foster went on to detail the management program of Armco Steel's new chief executive officer, Thomas Graham. "However," Foster wrote, "the point of my letter is not Mr. Graham per se. Rather it is to discredit the management strategy practiced by Mr. Graham in this past and now being implemented at Armco Steel LP. Knowing this history and knowing the inevitable outcome of Mr. Graham's current activities at Armco, it would be utterly irresponsible on the part of the Union to say nothing of this brewing storm to other shareholders."
 Foster cited the shutdown of Eveleth Mines in northern Minnesota, the layoff of 900 Ashland, Ky., Steelworkers and low morale and turmoil among the Armco workforce as examples of Graham's mismanagement.
 The USWA's "Vote No" campaign is another sign of restless shareholders challenging management decisions in the 1990's. Recent shareholder discontent led to the ousters of several prominent CEO's, including those of American Express, IBM, and Westinghouse.
 For more information on the USWA's "Vote No At Armco" campaign, contact David Foster, USWA District 33, at 218-722-2869.
 -0- 3/15/93
 /CONTACT: David Foster, director, USWA District 33, 218-722-2869; or USWA Communications Department, in Pittsburgh, 412-562-2442/
 (AS)


CO: United Steelworkers of America; Armco, Inc. ST: Minnesota IN: MNG SU:

CD -- PG010 -- 6171 03/15/93 15:50 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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