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WEIRTON STEEL: FIRST QUARTER RESULTS WILL BE AFFECTED BY ACCOUNTING CHANGES AND OTHER CHARGES

 WEIRTON, W.Va., April 15 /PRNewswire/ -- Weirton Steel Corporation (NYSE: WS) today stated that its first quarter 1993 results will be affected by accounting changes and other non-recurring charges.
 The company will be adopting in the first quarter of 1993 Statement of Financial Accounting Standards ("SFAS") No. 106 "Employers Accounting for Postretirement Benefits Other Than Pensions" and SFAS No. 109 "Accounting for Income Taxes," both of which will have a significant effect on the company's reported earnings and net worth.
 The change in accounting under SFAS No. 106 will require the company to recognize a pretax charge in the range of $290 to $310 million to account for the prior service cost of retiree health care and life insurance benefits and an additional ongoing non-cash expense in the range of $4 to $5 million each quarter beginning in the first quarter of 1993. Under the company's prior accounting method, these costs were charged to expense on a "pay-as-you-go" basis. This change will not require an immediate increase in the use of the company's cash.
 The change in accounting for income taxes affects the way income tax expense will be reported, and the company anticipates this new method will favorably affect its first quarter results.
 In addition, the company says it anticipates recognizing a restructuring charge to account for the costs associated with its enhanced early retirement program. These charges also will not require the immediate use of the company's cash.
 These accounting changes and restructuring charge do not reflect the recently improved performance of operations.
 Weirton Steel operates an integrated flat rolled steel producing plant in Weirton.
 -0- 4/15/93
 /CONTACT: Richard W. Garan, director, media and investor relations of Weirton Steel Corporation, 304-797-2728/
 (WS)


CO: Weirton Steel Corporation ST: West Virginia IN: MNG SU: ERN

KC-CD -- PG018 -- 6393 04/15/93 15:32 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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