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USX TO SELL ITS INTEREST IN NATIONAL-OILWELL

 USX TO SELL ITS INTEREST IN NATIONAL-OILWELL
 PITTSBURGH, March 30 /PRNewswire/ -- On March 30, 1992, USX


Corporation (NYSE: X) and Armco, Inc. (NYSE: AS), USX's 50/50 partner in National-Oilwell, entered into an agreement in principle with Empresas Lanzagorta, S.A. de C.V. ("EMLA") to sell their interests in National-Oilwell, an oilfield equipment and machinery manufacturer, to a new enterprise to be formed by EMLA. This agreement provides that EMLA will combine in the new enterprise the businesses of National-Oilwell with certain of EMLA's businesses.
 Under the agreement, USX will be paid for its interest in National-Oilwell $110 million in cash and will receive $27.5 million in subordinated notes. The transaction is subject to a number of conditions, including the negotiation of a definitive agreement, approval by the boards of directors of USX, Armco and EMLA, financing, and necessary government approvals.
 /delval/
 -0- 3/30/92
 /CONTACT: William E. Keslar of USX, 412-433-6870/
 (X AS) CO: USX Corporation; Armco, Inc.; National-Oilwell; Empresas
 Lanzagorta, S.A. de C.V. ST: Pennsylvania IN: OIL MNG SU: TNM


CD-JS -- PG011 -- 2969 03/30/92 14:49 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Mar 30, 1992
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