Armco Inc.. .. .. .. .. .. .. Ticker...

EARNINGS

February 17, 1993

Armco Inc

.. .. .. .. .. .. .. Ticker .. .. .. ..Yesterday's

.. .. .. .. .. .. .. Symbol.. .. .. .. Cls.. .. ...Chg.

.. .. .. .. .. ... .. AS .. .. .. .. ..7 1/2 .. .. .. .. - 1/2

Period ended

Dec. 31 .. .. .. .. ..4th qtr.. .. .. Year ago.. .. Chg.

Revenue .. .. .. .. ..$571,700.. .. .. $408,500.. .. +40.0%

Net Income.. .. .. .. $(376,700).. .. $(241,500).. .. .. --

Primary EPS .. .. .. $(3.68).. .. .... $(2.75).. .. .. .. --

.. .. .. .. .. .. .. Year.. .. .. .. Year ago.. .. .. .. Chg.

Revenue.. .. .. .. ..$2,073,600.. .. $1,595,300.. .. .. ..+30.0%

Net Income.. .. .. ..$(429,900).. .. $(336,500).. .. .. .. --

Primary EPS .. .. .. $(4.45).. .. .. $(3.89).. .. .. .. .. --

Figures in thousands (except per share data.)

Eastern Stainless Corp.*

Period ended

Dec. 31 .. .. ... .. .. 4th qtr.. .. ..Year ago.. .. .. Chg.

Revenue .. .. .. .. .. $31,145.. .. .. $32,824 .. .. ..-5.1%

Net Income .. .. .. .. $(18,607).. .. $(3,450) .. .. .. ..--

Primary EPS .. ... ... .. ... .. .. .. .. .. .. .. .. .. --

... .. .. .. ..Year.. .. .. .. .. Year ago.. .. .. .. Chg.

Revenue.. .. ..$132,374.. .. .. .. $158,670.. .. .. ..-16.5%

Net Income .. .$(22,911).. .. .. .. $(9,920) .. .. .. .. --

Primary EPS -- -- --

Figures in thousands (except per share data.)

* Baltimore-based Eastern Stainless is a majority-owned subsidiary of Armco Inc. Its results are included in Armco's earnings.

Waverly Inc.

.. .. .. .. ..Ticker.. .. .. .. .. .. Yesterday's

.. .. .. .. ..Symbol.. .. .. .. .. .. Cls.. .. .Chg.

.. .. . .. .. WAVR.. .. .. .. .. .. .. 21 3/4 .. .. ..- 1/4

Period ended

Dec. 31 .. .. .. ..4th qtr.. .. .. Year ago.. .. .. Chg.

Revenue .. .. .. ..$46,037 .. .. .. $41,025.. .. ... +12.2%

Net Income .. .. ..$1,648.. .. .. ..$1,542.. .. .. ..+6.9%

Primary EPS .. .. .$0.38.. .. .. .. $0.36 .. .. .. . +5.6%

.. .. .. .. .. Year.. .. .. .. .. * Year ago.. .. .. .. .. Chg.

Revenue .. .. $162,514.. .. .. .. $147,315 .. .. .. .. .. +10.3%

Net Income.. ..$(108).. .. .. .. ..$3,381.. .. .. . .. .. ..--

DTC Primary EPS .. $(0.03).. .. .. .. $0.78 .. .. .. .. .. .. ..--

Figures in thousands (except per share data.)

* Results include non-cash charges totalling $4.9 million for changes in accounting for retiree benefits and inventory.

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