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~ ~t <br />f.. . • <br />i <br />l <br />To become effective, the plan of reorganization must he approved by the <br />Bankruptcy Court and a number of conditions must be satisfied including the <br />signing of a satisfactory labor contract between the partnership and the United <br />Steelworkers of America (USWA). Oregon Steel Mills is currently negotiating on <br />behalf of the partnership with the USl1A to reach a new collective bargaining <br />agreement covering the union employees at Pueblo. If the conditions to Oregon <br />Steel's obligation to purchase are satisfied or waived and the proposed plan of <br />reorganization is approved, the proceeds of the asset transfer will be <br />distributed to creditors of CF&I Steel Corporation and its subsidiaries. Current <br />shareholders of CFI Steel Corporation will receive no distributions. The <br />interested creditor groups have not yet agreed to the plan. <br />The Bankruptcy Court has scheduled a hearing at 9 a.m. on November 16, <br />1992, to consider the adequacy of the Chapter 11 disclosure statement submitted <br />with the plan of reorganization. Under bankruptcy rules, the plan will not be <br />circulated to creditors at this time except upon written request. <br />After a disclosure statement is approved, the Bankruptcy Court will <br />schedule a hearing on confirmation of the reorganization plan. Copies of the <br />approved disclosure statement and proposed reorganization plan will be <br />distributed thereafter. <br />CF&I is a Pueblo, Colorado-based, nationally recognized producer of high <br />quality and high performance long-length and standard rails and seamless oiT <br />country tubular goods. The Company is the only manufacturer of such products <br />located west of the Mississippi River. CFt1I also manufactures high quality wire <br />and bar products for the construction, agriculture and wire related industries. <br />