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WASHINGTON STEEL CORP. ENTERS NEW CREDIT FACILITY; AGREEMENT PAVES WAY FOR EMERGING FROM CHAPTER 11

 WASHINGTON STEEL CORP. ENTERS NEW CREDIT FACILITY;
 AGREEMENT PAVES WAY FOR EMERGING FROM CHAPTER 11
 WASHINGTON, Pa., Feb. 18 /PRNewswire/ -- Washington Steel Corp. today announced that the company and its lenders have entered an agreement providing a major source of long-term credit for operating expenses and capital improvements.
 Thomas C. Graham, chairman and chief executive officer, stated, "This new credit agreement gives Washington Steel the financial strength and flexibility to move forward aggressively in enhancing the productivity of the Mill Group and further developing the North American markets of the Service Center Group."
 The agreement was reached in negotiations with 20 lenders, led by Citicorp and including Continental Illinois and Mellon. It provides loans to meet operating expenses and authorizes up to $40 million from cash flow to be reinvested in capital asset improvements and additions.
 The credit agreement is one of the final elements required for resolving a plan of reorganization for U.S. Enterprise Corp., the holding company formed to accommodate a change in management through accelerated proceedings under Chapter 11 of the Bankruptcy Code.
 Graham said, "We are gratified by the exceptional vote of confidence the lenders have demonstrated in the inherent value of Washington Steel Corporation."
 Washington Steel is a producer of stainless steel flat-rolled products with operations in Houston and Washington, Pa., and Massillon, Ohio. Its Service Center Group, headquartered in Wheeling, Ill., has seven locations in the United States and Canada.
 -0- 2/18/92
 /CONTACT: Mark Essig, vice president & chief financial officer of Washington Steel, 412-229-2800/ CO: Washington Steel Corporation ST: Pennsylvania IN: MNG SU:


CD -- PG004 -- 9797 02/18/92 09:38 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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