Financial Highlights

(Dollars in millions, except per share data)	1996	1995
For The Year Net Sales	$4,679.0	$4,867.5
Estimated restructuring loss	465.0	-
Income from operations before restructuring loss	136.6	268.9
Net income	(308.8)	179.6
Net income per Common share	(3.15)	1.24
Cash provided from operating activities	340.8	586.3
Capital expenditures	259.0	266.8
Depreciation	268.7	284.0
Raw steel production capability (net tons in thousands)	10,500	11,500
Raw steel production (net tons in thousands)	9,447	10,449
Steel products shipped (net tons in thousands)	8,782	8,986
Average number of employees receiving pay	17,800	19,500
At Year End Cash and cash equivalents	$ 136.6	$ 180.0
Available borrowings under bank commitments	309.9	332.0
Total debt and capital lease obligations	546.7	638.3
Stockholders' equity	966.0	1,238.3
Total debt as a percent of invested capital	36 %	34 %

Financial Highlights Chairman's Letter
Business Units and Facilities Financial Review and Operating Analysis
Financial Statements Financial Notes
Report of Auditors and Management Statement
Five-Year Financial and Operating Summaries
Directors and Officers Stockholder Information

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