1997 Annual Report-Five Year Financial and Operating Summaries

(Dollars in millions, except per share)	1997	1996	1995	1994	1993

Earnings Statistics
Net sales	$4,631.2	$4,679.0	$4,867.5	$4,819.4	$4,323.4

Costs and Expenses:
Employment costs	1,439.0	1,555.0	1,683.5	1,633.0	1,547.1
Materials and services	2,683.8	2,680.6	2,592.7	2,754.8	2,404.2
Depreciation	231.0	268.7	284.0	261.1	277.5
Taxes (other than employment and income taxes)	38.4	38.1	38.4	36.9	39.8
Estimated (gain) loss on exiting business	(135.0)	465.0	-	-	350.0

Total Costs and Expenses	4,257.2	5,007.4	4,598.6	4,685.8	4,618.6

Income (loss) from operations	374.0	(328.4)	268.9	133.6	(295.2)
Financing income (expense):
Interest and other financing costs	(47.5)	(53.3)	(60.0)	(46.2)	(63.2)
Interest income	9.2	5.9	7.7	7.1	7.1
Benefit (provision) for income taxes	(55.0)	67.0	(37.0)	(14.0)	85.0

Net income (loss)	280.7	(308.8)	179.6	80.5	(266.3)
Dividends on Preferred and Preference Stock	41.6	41.9	42.4	43.1	39.8

Net income (loss) applicable to Common Stock	$239.1	$(350.7)	$137.2	$37.4	$(306.1)

Net income (loss) per Common share
-Basic	$2.13	$(3.15)	$1.24	$ .35	$(3.37)
-Diluted	$2.03	$(3.15)	$1.23	$ .35	$(3.37)

Balance Sheet Statistics
Cash and cash equivalents	$252.4	$136.6	$180.0	$159.5	$228.9
Receivables, inventories and other current assets	1,211.6	1,351.8	1,345.8	1,409.6	1,362.2
Current liabilities	(910.8)	(957.4)	(1,049.6)	(1,011.2)	(914.2)

Working capital	$553.2	$531.0	$476.2	$557.9	$676.9
Current ratio	1.6	1.6	1.5	1.6	1.7
Property, plant and equipment - net	$2,357.7	$2,419.8	$2,714.2	$2,759.3	$2,634.3
Total assets	4,802.6	5,109.9	5,700.3	5,782.4	5,876.7
Total debt and capital lease obligations	493.4	546.7	638.3	757.3	813.8
Stockholders' equity	1,215.0	966.0	1,238.3	1,155.8	696.6
Total debt as a percent of invested capital	29%	36%	34%	40%	54%

Other Statistics
Capital expenditures	$228.2	$259.0	$266.8	$444.6	$327.1
Raw steel production capability (net tons in thousands)	10,500	10,500	11,500	11,500	11,500
Raw steel production (net tons in thousands)	9,599	9,447	10,449	9,817	10,303
Steel products shipped (net tons in thousands)	8,802	8,782	8,986	9,262	9,016
Pensioners receiving benefits at year end	70,400	70,100	71,000	71,700	70,900
Average number of employees receiving pay	16,400	17,800	19,500	19,900	20,700
Common Stock outstanding at year end (shares in thousands)	112,991	111,834	110,708	109,886	91,409
Common stockholders at year end	35,000	37,000	39,000	41,000	43,000