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WEIRTON STEEL CORPORATION ISSUES EARNINGS

 WEIRTON STEEL CORPORATION ISSUES EARNINGS
 WEIRTON, W.Va., April 21 /PRNewswire/ -- Weirton Steel Corporation


(NYSE: WS) today reported that improved customer order levels and cost reduction efforts have trimmed operating losses for the first quarter 1992.
 The first quarter loss of $9.1 million reduced by an accounting change of $4.4 million resulted in a net loss of $4.7 million or $0.19 per share of common stock, compared to a net loss of $28.5 million or $1.41 per share of common stock for the same period in 1991. Loss from operations decreased to $67 thousand in 1992 from $21.6 million in first quarter 1991. Herbert Elish, chairman and CEO, noted, "The close to breakeven operating results reflect our continued emphasis on reduction of controllable costs."
 Net sales for the first quarter were $269.5 million in 1992 compared to $253.2 million in 1991, an increase of 6.4 percent. Shipments increased 14.5 percent, from 455,400 tons in the first quarter 1991 to 521,600 tons for the same period in 1992. Sheet product demand for the construction industry significantly increased in the last few months and from first quarter 1991 to first quarter 1992. Although there have been increases in sheet product volume, there have not been increases in prices.
 Tin product shipments remained stable in spite of some overall market softness due to temporarily high inventory levels at food processors. Tin product pricing remains firm.
 Weirton reported a change in depreciation method (accounting principle) effective Jan. 1, 1992, for its steelmaking facilities from the straight-line method to a production-variable method, which adjusts straight-line depreciation to reflect production levels, resulting in a $4.4 million increase in income in the first quarter. However, the estimated useful lives remain unchanged.
 Capital expenditures were $11.6 million for the first quarter, on target for the estimated 1992 total of $40 million. Yields have improved considerably since the third quarter 1991, as operations with a newly renovated continuous caster and hot strip mill have stabilized and disruptions have been limited. A scheduled outage of nine days of the hot strip mill will take place in the second quarter 1992 to commission two new downcoilers, drive motors on an existing finishing stand, a coil delivery system, and a final finishing stand.
 Elish commented, "The commissioning of a new walking beam slab reheat furnace for the hot mill resulted in some production constraints and operating disruptions in January and February. While operating problems associated with the rebuild have lessened as the project nears completion, the rebuild work to be done in the second quarter could temporarily affect operations."
 Steady improvement in the sheet product markets and stable tin mill product demand coupled with a continuing cost reduction program should contribute to improved performance in the second half of 1992.
 Weirton Steel operates an integrated flat rolled steel producing plant in Weirton.
 WEIRTON STEEL CORPORATION
 Statement of Income - Unaudited
 (dollars in thousands)
 Three Months Ended March 31 1992 1991
 Net Sales $269,498 $253,160
 Operating costs:
 Cost of sales 252,061 257,052
 Selling, general and
 administrative expense 7,469 7,607
 Depreciation 10,035 10,081
 Total operating costs 269,565 274,740
 Income (loss) from operations (67) (21,580)
 Other income16
 Total other income (expense), net (8,352) (6,280)
 Income (loss) before ESOP
 contribution and income taxes (8,419) (27,860)
 1989 ESOP contribution 653 653
 Income (loss) before income taxes (9,072) (28,513)
 Provision for income taxes -- --
 Income before cumulative effect of
 an accounting change (9,072) (28,513)
 Cumulative effect on prior years of an
 accounting change 4,356 --
 Net income (loss) (4,716) (28,513)
 Net income (loss) per share:
 Income (loss) per share before
 cumulative effect on prior years of
 an accounting change $(0.37) $(1.41)
 Cumulative effect of an accounting
 change 0.18 --
 Net income (loss) per share $(0.19) $(1.41)
 Pro forma:
 Net income (loss) assuming accounting
 change is applied retroactively $(9,072) $(26,892)
 Net income (loss) per share $(0.37) $(1.33)
 -0- 4/21/92
 /CONTACT: Charles R. Cronin of Weirton Steel, 304-797-2306/
 (WS) CO: Weirton Steel Corporation ST: West Virginia IN: MNG SU: ERN


JT -- PG016 -- 0931 04/21/92 17:44 EDT
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Date:Apr 21, 1992
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