1994 Annual Report

(Dollars in millions, except per share data)

For The Year				   1994		   1993
Net Sales				$4,819.4 	$4,323.4
Estimated restructuring losses		     -		   350.0
Income (Loss) from operations		   133.6	  (295.2)
Basic Steel segment operating income 
excluding restructuring charges		   166.0	    76.4
Net income (loss)			    80.5	  (266.3)
Net income (loss) per Common share	      .35	    (3.37)
Cash provided from operating activities	   383.7	   203.2
Capital expenditures			   444.6	   327.1
Depreciation				   261.1	   277.5
Raw steel production capability 
(net tons in thousands)			11,500		11,500
Raw steel production 
(net tons in thousands)			 9,817		10,303
Steel products shipped 
(net tons in thousands)			 9,262		 9,016
Average number of employees 
receiving pay				19,900		20,700

At Year End

Cash and cash equivalents		  $159.5	   228.9
Available borrowings under
bank commitments			   406.5	   293.7
Total debt and capital lease 
obligations				   757.3	   813.8
Stockholders' equity		         1,155.8	   696.6
Total debt as a percent of 
invested capital			    40%		    54%

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