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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 14, 1996
LUKENS INC.
(Exact name of registrant as specified in its charter)
Delaware 1-3258 23-2451900
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
50 South First Avenue
Coatesville, Pennsylvania
(Address of principal executive offices)
19320-0911
(Zip Code)
(610) 383-2000
(Registrant's telephone number, including area code)
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Item 5. Other Events.
See the following press release, dated March 14, 1996, concerning first quarter
1996 results.
Rick Whitmyre
(610)383-3393
LUKENS TO REPORT FIRST QUARTER LOSS
Company Cites Labor Contract Charge and Weaker Stainless Business
COATESVILLE, PA., March 14, 1996 -- Lukens Inc. today announced it expects
to report a net loss of between $.20 and $.35 per share during the first quarter
ending March 30, 1996, including a $.16 per share charge for signing bonuses
associated with a new labor agreement.
The company said weakness in its stainless steel business, higher utility
costs and disruptions from commissioning a capital project also will contribute
to the net loss.
"While stainless steel order rates are recovering from an inventory
correction at the service center level, we're anticipating cold rolled stainless
sheet and strip shipments will be about 5,000 tons lower during the first
quarter than the comparable period a year ago," said R.W. Van Sant, Lukens'
chairman and chief executive officer. "In addition, the company is experiencing
weaker base selling prices for these product lines."
Van Sant also said raw materials and operating costs in its stainless
business will be higher during the first quarter versus the 1995 period.
Labor Contract Costs Charged to First Quarter
The company said a $3,000 bonus per hourly employee, paid as part of a new
labor agreement at its Coatesville facility, will result in a $3.8 million
pretax charge during the first quarter.
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"We also faced almost $2.5 million in higher utility and operating costs as
a result of severe winter weather," Van Sant said.
The company said its financial performance continues to be affected by
commissioning activities at the Steckel Mill Advanced Rolling Technology
(SMART/(R)/) system at Conshohocken, Pa., and by a lower value shipment mix in
its carbon/alloy business.
"We anticipate the company will return to profitability in the second
quarter, unless there is a significant deterioration in market conditions," he
said.
Lukens Inc. is a leading North American specialty steel manufacturer whose
operating units supply carbon, alloy and clad plate steels; and stainless steel
sheet, strip and plate products.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LUKENS INC.
March 20, 1996 C. B. Houghton, Jr.
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C. B. Houghton, Jr.
Vice President and Controller
