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WEIRTON STEEL CORP. ISSUES EARNINGS

 WEIRTON STEEL CORP. ISSUES EARNINGS
 WEIRTON, W.Va., July 21 /PRNewswire/ -- Weirton Steel Corp.


(NYSE: WS) today reported a net loss of $9.7 million or $0.43 per share of common stock for the quarter ended June 30, 1992, compared to a net loss of $19.8 million or $0.98 per share for the same period last year.
 Net sales for the second quarter were $267.3 million compared to $249.9 million in 1991, an increase of 7.0 percent. Shipments were 500,000 tons, an increase of 6.6 percent from 469,200 tons a year earlier. The operating loss was $816,000 compared to $11,895 million from last year's second quarter.
 For the first half of 1992, the loss was $14.4 million or $0.66 per share compared to a loss of $48.3 million or $2.39 per share. Sales for the first six months ended June 30 were $536.8 million, an increase of 6.7 percent from $503.1 million in the prior year period. Shipments of 1,021,700 tons increased 10.5 percent over the 924,700 tons shipped in 1991's first half.
 "Sheet product demand continues to improve although shipments were reduced by the hot mill outage in the second quarter. Prices, however, remain soft. Tin Mill product shipments and pricing remain stable, and we expect that trend to continue throughout the second half of 1992," Herbert Elish, chairman and president stated.
 "Improved yields contributed to improved operating performance in the second quarter when compared to last year's second quarter. Operations were affected by an 11-day planned outage of the hot strip mill to install two new downcoilers, the final finishing stand and a coil delivery system. The recent start-up of the hot mill exceeded expectations. With this outage behind us, the modernized hot mill and continuous caster in conjunction with the company's cost-reduction program should contribute to improved operating performance throughout the rest of the year.
 "Because of the completion of the major projects of the modernization plan, we expect increased efficiencies which will contribute to improved yields and lower operating costs in the future," Elish added.
 Weirton Steel operates an integrated flat rolled steel producing plant in Weirton, W.Va.
 WEIRTON STEEL CORP.
 Statement of Income - Unaudited
 (Dollars in thousands)
 Period Ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Net sales $267,303 $249,895 $536,801 $503,055
 Operating costs:
 Cost of sales 250,335 245,510 502,396 502,562
 Selling, general and
 adm. expense 7,749 7,699 15,218 15,306
 Depreciation 10,035 8,581 20,070 18,662
 Total operating costs 268,119 261,790 537,684 536,530
 Income (loss) from opers. (816) (11,895) (883) (33,475)
 Other income (expense):
 Interest expense (9,161) (7,675) (18,580) (14,671)
 Interest income 932 418 1,999 1,134
 Total other income (expense),
 net (8,229) (7,257) (16,581) (13,537)
 Income (loss) before ESOP
 contribution & inc. taxes (9,045) (19,152) (17,464) (47,012)
 1989 ESOP contribution 652 652 1,305 1,305
 Income (loss) before income
 taxes (9,697) (19,804) (18,769) (48,317)
 Provision for income taxes -- -- -- --
 Income before cumulative
 effect of an accounting
 change (9,697) (19,804) (18,769) (48,317)
 Cumulative effect on prior
 years of an accounting
 change -- -- 4,356 --
 Net income (loss) (9,697) (19,804) (14,413) (48,317)
 Preferred stock dividend
 requirements (781) -- (1,562) --
 Net income (loss) applicable
 to common shares (10,478) (19,804) (15,975) (48,317)
 Inc. (loss) per common share:
 Income (loss) per common
 share before cumulative
 effect on prior years of an
 accounting change $(0.43) $(0.98) $(0.84) $(2.39)
 Cumulative effect of an
 accounting change -- -- $0.18 --
 Net income (loss) per
 common share $(0.43) $(0.98) $(0.66) $(2.39)
 Pro forma:
 Income (loss) applicable to
 common shares assuming
 accounting change is
 applied retroactively (10,478) (18,183) (20,331) (45,075)
 Net income (loss) per
 common share $(0.43) $(0.90) $(0.84) $(2.23)
 -0- 7/21/92
 /CONTACT: Richard W. Garan of Weirton Steel, 304-797-2728/
 (WS) CO: Weirton Steel Corp. ST: West Virginia IN: MNG SU: ERN


DM-JS -- PG016 -- 1588 07/21/92 17:53 EDT
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Date:Jul 21, 1992
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