1994 Annual Report

Five-Year Financial and Operating Summaries

(Dollars in millions,except per share)1994      1993       1992        1991       1990	
Earnings Statistics
Net sales                         $4,819.4  $4,323.4  $ 4,007.9   $ 4,317.9 $  4,899.2
Costs and Expenses:
  Employment Costs                 1,633.0   1,547.1    1,664.0     1,720.8    1,752.0
  Materials and services           2,754.8   2,404.2    2,242.0     2,444.3    2,679.3
  Depreciation                       261.1     277.5      261.7       241.4      305.7
  Taxes (other than employment
    and income taxes)                 36.9      39.8       43.2        51.3       51.3
  Estimated restructuring losses        -      350.0        -         635.0      550.0
Total Costs and Expenses           4,685.8   4,618.6    4,210.9     5,092.8    5,338.3
Income (loss) from operations        133.6    (295.2)    (203.0)     (774.9)    (439.1)
Financing income (expense):
  Interest and other financing costs (46.2)    (63.2)     (57.2)      (45.5)     (44.1)
  Interest income                      7.1       7.1        4.9         9.7       29.9
Benefit (provision) for income taxes (14.0)     85.0       45.0        (2.0)      (6.0) 
Cumulative effect of changes 
  in accounting                         -        -       (340.0)        -          - 
Net income (loss)                     80.5    (266.3)    (550.3)     (812.7)    (459.3)
Dividends on Preferred
  and Preference Stock                43.1      39.8       24.3        24.7       24.2
Net income (loss) applicable
  to Common Stock                 $   37.4  $ (306.1)  $ (574.6)  $  (837.4) $  (483.5)
Net income (loss) per
  Common share                    $     .35 $   (3.37) $   (7.01) $   (11.01)$    (6.39)  
Dividends per Common Share              -         -          -           .40        .40
Dividends paid on Common Stock          -         -          -         30.4       30.3                            
Balance Sheet Statistics
Cash and cash equivalents         $  159.5     228.9   $  208.2        83.8      273.5
Receivables, inventories and
other current assets 	           1,409.6   1,362.2    1,261.3     1,454.0    1,494.7
Current liabilities               (1,011.2)   (914.2)    (893.2)     (931.0)    (831.4)
Working capital	                  $  557.9  $  676.9      576.3   $   606.8  $   936.8
Current ratio			       1.6       1.7        1.6         1.7        2.1
Property, plant and equipment net $2,759.3  $2,634.3   $2,804.5   $ 2,864.8  $ 2,796.4
Total assets 	                   5,782.4   5,876.7    5,493.0     4,708.3    4,947.1
Total debt and capital lease
obligations 	                     757.3     813.8      796.0       871.2      663.8
Stockholders' equity 	           1,155.8     696.6      789.4     1,186.1    2,046.0
Total debt as a percent of invested
capital	                               40%       54%	  50%	      42%         24%
Other Statistics 
Capital expenditures	          $  444.6     327.1      328.7   $   563.9   $  488.0
Raw steel production capability
(net tons in thousands)	          11,500    11,500     16,000      16,000     16,000
Raw steel production (net tons in
thousands)	                   9,817    10,303     10,544      10,022     10,924
Steel products shipped (net tons
in thousands)	                   9,262     9,016      9,062       8,376      8,865
Pensioners receiving benefits at
year end 	                  71,700    70,900     70,500      70,200     70,500
Average number of employees
receiving pay 	                  19,900    20,700     24,900      27,500     29,600
Common Stock outstanding at
year end (shares in thousands)   109,886    91,409     90,509      76,380     75,867
Common stockholders at year
end	                          41,000    43,000     46,000      50,000     52,000

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