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WEIRTON STEEL CORPORATION REPORTS EARNINGS

 WEIRTON, W.Va., Oct. 20 /PRNewswire/ -- Weirton Steel Corporation (NYSE: WS) today reported a net loss of $9.8 million for the quarter ended Sept. 30, 1993, or $.40 per share of common stock compared to a loss of $14.0 million or $.59 per share for the same period last year.
 Net sales for the third quarter were $300.7 million compared to $263.7 million in 1992, an increase of 14.1 percent. Shipments increased by 15.1 percent to 597,800 tons from 519,300 tons a year earlier.
 The company earned an operating profit of $1.1 million for the third quarter compared to an operating loss of $6.0 million for 1992's third quarter. The current quarter includes $4.8 million of non-cash charges for retiree health care and $3.6 million of higher depreciation on its increased production level. Higher interest expense of $2.4 million also adversely affected the company's net results for the quarter.
 For the nine months ended Sept. 30, 1993, the company reported a net loss of $233.0 million, or $8.88 per common share. Excluding the effects of accounting changes and non-recurring items, the net loss was $26.7 million or $1.01 per share, compared to a net loss of $32.7 million, or $1.43 per share for the same period last year.
 Net sales for the first nine months were $899.8 million, an increase of 12.4 percent from $800.5 million in the prior year period. Total shipments of 1,829,700 tons increased 18.7 percent compared to 1,541,000 tons for the first nine months of 1992.
 Sheet products selling prices continued to improve during the third quarter despite the International Trade Commission's ruling overturning most duties dealing with hot and cold rolled imports. Tin Mill Products prices remained steady but are lower than last year's third quarter.
 "Our strong order book and increased price realization reflect the continuing high level of demand for sheet products," stated Herbert Elish, chairman and president.
 The company completed an accounts receivable backed facility of $85 million during the quarter. The three-year facility represents an important backstop to meeting the company's future liquidity needs.
 Weirton Steel (NYSE: WS) operates an integrated flat rolled steel products plant in Weirton.
 WEIRTON STEEL CORPORATION
 Consolidated Statements of Income - Unaudited
 (Dollars in thousands, except per share data)
 Period Ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Net sales $300,727 $263,673 $899,786 $800,474
 Operating Costs:
 Cost of sales 277,529 251,959 837,805 754,355
 Selling, general and
 administrative expense 8,461 7,630 24,621 22,848
 Depreciation 13,641 10,035 38,039 30,105
 Restructuring charge -- -- 17,340 --
 Total operating costs 299,631 269,624 917,805 807,308
 Income (loss) from
 operations 1,096 (5,951) (18,019) (6,834)
 Other Income (Expense):
 Interest expense (13,351) (10,984) (39,613) (29,564)
 Interest income 826 632 1,953 2,631
 Net other expense (12,525) (10,352) (37,660) (26,933)
 Loss before ESOP
 contribution (11,429) (16,303) (55,679) (33,767)
 ESOP contribution 653 653 1,958 1,958
 Loss before income taxes (12,082) (16,956) (57,637) (35,725)
 Income tax benefit 2,296 2,984 10,952 2,984
 Loss before extraordinary
 item (9,786) (13,972) (46,685) (32,741)
 Extraordinary item - loss
 on early extinguishment
 of debt -- -- (6,549) --
 Loss before cumulative effect
 of accounting changes (9,786) (13,972) (53,234) (32,741)
 Cumulative effect on
 prior years of accounting
 changes -- -- (179,803) 4,356
 Net loss (9,786) (13,972) (233,037) (28,385)
 Less: preferred stock
 dividend requirement 781 781 2,344 2,344
 Net loss applicable to
 common shares (10,567) (14,753) (235,381) (30,729)
 Per Share Data:
 Weighted average number
 of common shares and
 equivalents 26,458 24,866 26,495 24,530
 Loss per common share
 before extraordinary
 item $(0.40) $(0.59) $(1.85) $(1.43)
 Extraordinary item -- -- $(0.25) --
 Loss per common share
 before cumulative effect
 on prior years of
 accounting changes $(0.40) $(0.59) $(2.10) $(1.43)
 Cumulative effect of
 accounting changes -- -- $(6.78) $0.18
 Net loss per common share $(0.40) $(0.59) $(8.88) $(1.25)
 -0- 10/20/93
 /CONTACT: Richard W. Garan, director, media and investor relations, of Weirton Steel, 304-797-2728/
 (WS)


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

DM-CD -- PG003 -- 4498 10/20/93 10:48 EDT
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Date:Oct 20, 1993
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