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

EARNINGS

July 22, 1994

Armco Inc.

... ... ... . ... ... ... . Ticker... ... ... . Yesterday's ... ... ... . ... ... ... . Symbol... ... ... . Cls.... ... ... . Chg.

... ... . ... ... ... . AS... ... ... . .... 6 1/8 ... ... ... . ..unch

Period ended June 30... ... ... 2nd qtr.... ... ... Year ago ... ... .Chg. Revenue... ... ... ... ... ... $354,900 ... ... ... $454,100... ...-21.8%

Net Income ... ... ... ... ... $69,900* ... ... ... $8,700**... ...+703.4% Primary EPS ... ... ... ... .. $0.63*... ... ... .. $0.04**... . . +1,475% ... ... ... ... ... ... ... ... 6 mos.... ... ... Year ago... ... ... Chg. JRevenue... ... ... ... ... ... $734,500... ... ... $880,700 ... ...-16.6%

Net Income ... ... ... ... ....$42,700*... ... ... $(320,800)** ... -- *

Primary EPS ... ... ... ... ... $0.32*... ... ... .. $(3.18)** *... .. --

* Includes a $66.5 million gain from the initial public offering of Armco Steel Co. L.P., now AK Steel Corp.

Includes $10.1 million from income from discontinued Worldwide Grinding System.

* Includes a $307.5 million charge for changes in accounting rules.

Figures in thousands (except per share data.)

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