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4 ~ <br />{ ..,• • III III~IIII~III~~II • <br />1 <br />REORSAHI7ATION PLAN FILM FOR CFfiI STEEL CORPORATION <br />AHD ITS SUBSIDIARIES <br />SALT LAKE CITY (October 15, 1992) - A Chapter 11 <br />plan of reorganization for CF&I Steel Corporation and <br />its subsidiaries was filed today by CFfiI with the U.S. <br />Bankruptcy Court far the District of Utah. The plan <br />proposes the transfer of certain assets, including <br />CFYaI's steelmaking facilities in Pueblo, Colo., to 'a <br />limited partnership, having a subsidiary of Oregon Steel <br />Mills, Inc. of Portland, Oregon, as its sole general <br />partner. The new partnership will continue CF3I's <br />steelmaking business. The partnership currently <br />anticipates spending approximately $165 million over the <br />next five years for improvements to existing <br />facilities including installation of a new rod mill, <br />installation of in-line head hardening in the rail mill, <br />and upgrading of the steelmaking process. The <br />anticipated upgrades include installing a new ultra <br />high-powered furnace, a ladle furnace, and vacuum <br />degassing, and the elimination of ingot casting by <br />adding the ability to continuously cast blooms for the <br />new rail mill. <br />