Consolidated Statements of Income

CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in millions, except per share data)
(unaudited)

		Three Months Ended March 31
		1997		1996
Net Sales	$	1,192.5	$	1,118.5
Costs and Expenses:
Cost of sales		1,052.5		1,009.9
Depreciation		56.9		69.9
Selling, administration and general expense		26.8		26.1
Total Costs and Expenses		1,136.2		1,105.9
Income from Operations		56.3		12.6
Financing Income (Expense):
Interest and other financing costs		(11.8)		(14.0)
Interest and other income		1.4		1.5
Income before Income Taxes		45.9		0.1
Provision for Income Taxes		(7.5)		-
Net Income		38.4		0.1
Dividends on Preferred and Preference Stock		10.4		10.5
Net Income (Loss) Applicable to Common Stock	$	28.0	$	(10.4)
Net Income (Loss) per Common Share	$	0.25	$	(0.09)
Average Primary Shares Outstanding		112.0		110.8

The accompanying Notes are an integral part of the Consolidated Financial Statements.