<PAGE> 1
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _________ to _________
Commission file number 33-37975
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
OGLEBAY NORTON COMPANY
1100 Superior Avenue
Cleveland, Ohio 44114
<PAGE> 2
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ITEM 9. FINANCIAL STATEMENTS AND EXHIBIT
--------------------------------
(a) Financial Statements
(1) Report of Independent Accountants;
(2) Statement of Assets Available for Plan
Benefits, With Fund Information as of December
31, 1993 and 1992;
(3) Statements of Income and Changes in Assets
Available for Plan Benefits, With Fund
Information for the years ended December 31,
1993, 1992 and 1991;
(4) Notes to Financial Statements; and
(5) Supplemental Schedules:
Schedule of Assets Held for Investment
Purposes as of December 31, 1993
Schedule of Reportable Transactions for the
year ended December 31, 1993
Schedule of Nonexempt Transactions for the year
ended December 31, 1993
(b) Exhibit
(23) Consent of Independent Accountants
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
administrator for the Oglebay Norton Taconite Company Thrift Plan and Trust has
duly caused this annual report to be signed by the undersigned thereunto duly
authorized.
OGLEBAY NORTON TACONITE COMPANY
THRIFT PLAN AND TRUST
BY OGLEBAY NORTON COMPANY,
Plan Administrator
Richard J. Kessler
________________________
By Richard J. Kessler,
Vice President - Finance and Development
DATE: June 22, 1994
<PAGE> 3
INDEX OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
_______
Page(s)
------
Report of Independent Accountants 2-3
Financial Statements:
Statement of Assets Available for Plan Benefits,
With Fund Information as of December 31,
1993 and 1992 4
Statement of Income and Changes in Assets Available
for Plan Benefits, With Fund Information for
the year ended December 31, 1993 5
Statement of Income and Changes in Assets Available
for Plan Benefits, With Fund Information for
the year ended December 31, 1992 6
Statement of Income and Changes in Assets Available
for Plan Benefits, With Fund Information for
the year ended December 31, 1991 7
Notes to Financial Statements 8-14
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1993 15
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1993 16
Item 27e - Schedule of Nonexempt Transactions
for the year ended December 31, 1993 17
1
<PAGE> 4
[LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Pension Committee of the
Oglebay Norton Taconite Company
Thrift Plan and Trust:
We have audited the accompanying statement of assets available for plan
benefits, with fund information, including the schedule of investments, of the
Oglebay Norton Taconite Company Thrift Plan and Trust as of December 31, 1993
and 1992, and the related statements of income and changes in assets available
for plan benefits, with fund information for the years ended December 31, 1993,
1992 and 1991. These financial statements are the responsibility of the Plan
Administrator. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the assets available for plan benefits of the
Oglebay Norton Taconite Company Thrift Plan and Trust as of December 31, 1993
and 1992, and the income and changes in assets available for plan benefits for
the years ended December 31, 1993, 1992 and 1991 in conformity with generally
accepted accounting principles.
2
<PAGE> 5
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplemental
schedules of the Plan on pages 15 through 17 are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements, but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The fund information in the statement
of assets available for plan benefits, the statements of income and changes in
assets available for plan benefits is presented for purposes of additional
analysis rather than to present the assets available for plan benefits and
income and changes in assets available for plan benefits, of each fund. The
supplemental schedules and fund information have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
COOPERS & LYBRAND
Minneapolis, Minnesota
May 13, 1994
3
<PAGE> 6
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
as of December 31, 1993 and 1992
_______
<TABLE>
<CAPTION>
1993
---------------------------------------------
Insured Equity Bond
ASSETS Fund Fund Fund Total
------- ------ ---- -----
<S> <C> <C> <C> <C>
Investments, at fair
value:
Plan interest in
Oglebay Norton
Master Trust $4,341,802 $414,015 $1,012,402 $5,768,219
Short-Term Invest-
ment Fund 31,123 19,691 36,027 86,841
---------- -------- ---------- ----------
4,372,925 433,706 1,048,429 5,855,060
Receivables:
Employer contribution 5,318 5,824 11,142
Employee contributions 9,136 1,458 2,474 13,068
Accrued interest and
dividends 169 148 5,585 5,902
---------- -------- ---------- ----------
Assets avail-
able for
plan
benefits $4,387,548 $435,312 $1,062,312 $5,885,172
========== ======== ========== ==========
The accompanying notes are an integral
part of the financial statements.
</TABLE>
4
<PAGE> 7
<TABLE>
1992
---------------------------------------------
Insured Equity Bond
ASSETS Fund Fund Fund Total
------- ------ ---- -----
<S> <C> <C> <C> <C>
Investments, at fair
value:
Plan interest in
Oglebay Norton
Master Trust $3,966,755 $893,560 $730,482 $5,590,797
Short-Term Invest-
ment Fund 37,124 37,441 16,429 90,994
---------- -------- -------- ----------
4,003,879 931,001 746,911 5,681,791
Receivables:
Employer contribution 966 466 330 1,762
Employee contributions 3,585 1,751 1,070 6,406
Accrued interest and
dividends 93 104 44 241
---------- -------- -------- ----------
Assets avail-
able for
plan
benefits $4,008,523 $933,322 $748,355 $5,690,200
========== ======== ======== ==========
The accompanying notes are an integral
part of the financial statements.
</TABLE>
<PAGE> 8
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
STATEMENT OF INCOME AND CHANGES IN ASSETS
AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
for the year ended December 31, 1993
_______
<TABLE>
<CAPTION>
Insured Equity Bond
Fund Fund Fund Total
------- ------ ---- -----
<S> <C> <C> <C> <C>
Investment income:
Plan interest in Oglebay
Norton Master Trust
investment income (loss) $ 253,106 $ (33,320) $ 100,120 $ 319,906
Interest income 1,948 521 798 3,267
---------- --------- ---------- ----------
Net investment
income (loss) 255,054 (32,799) 100,918 323,173
Employee contributions 218,609 49,461 52,415 320,485
Employer contributions 48,501 11,912 12,942 73,355
Interfund transfers 355,051 (515,696) 160,645
Distributions to participants (498,190) (10,888) (12,963) (522,041)
---------- --------- ---------- ----------
Net increase (decrease) in
assets available for plan
benefits 379,025 (498,010) 313,957 194,972
Assets available for plan
benefits, beginning
of year 4,008,523 933,322 748,355 5,690,200
---------- --------- ---------- ----------
Assets available for plan
benefits, end of year $4,387,548 $ 435,312 $1,062,312 $5,885,172
========== ========= ========== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
5
<PAGE> 9
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
STATEMENT OF INCOME AND CHANGES IN ASSETS
AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
for the year ended December 31, 1992
_______
<TABLE>
<CAPTION>
Insured Equity Bond
Fund Fund Fund Total
------- ------ ---- -----
<S> <C> <C> <C> <C>
Investment income:
Plan interest in Oglebay
Norton Master Trust
investment income (loss) $ 267,194 $ (22,426) $ 43,095 $ 287,863
Interest income 2,022 1,695 2,167 5,884
---------- --------- -------- ----------
Net investment
income (loss) 269,216 (20,731) 45,262 293,747
Employee contributions 223,009 88,037 53,456 364,502
Employer contributions 50,000 20,641 14,648 85,289
Interfund transfers (7,342) 52,624 (45,282)
Distributions to participants (506,579) (119,527) (56,872) (682,978)
---------- --------- -------- ----------
Net increase in assets
available for plan
benefits 28,304 21,044 11,212 60,560
Assets available for plan
benefits, beginning
of year 3,980,219 912,278 737,143 5,629,640
---------- --------- -------- ----------
Assets available for plan
benefits, end of year $4,008,523 $ 933,322 $748,355 $5,690,200
========== ========= ======== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
6
<PAGE> 10
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
STATEMENT OF INCOME AND CHANGES IN ASSETS
AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
for the year ended December 31, 1991
_______
<TABLE>
<CAPTION>
Insured Equity Bond
Fund Fund Fund Total
------- ------ ---- -----
<S> <C> <C> <C> <C>
Investment income:
Plan interest in Oglebay
Norton Master Trust
investment income $ 258,790 $ 97,323 $116,027 $ 472,140
Interest income 35,616 5,984 1,296 42,896
---------- --------- -------- ----------
Net investment income 294,406 103,307 117,323 515,036
Employee contributions 235,529 76,827 54,455 366,811
Employer contributions 53,879 18,509 14,086 86,474
Interfund transfers (457,869) (108,057) 565,926
Distributions to participants (251,736) (59,985) (14,647) (326,368)
---------- --------- -------- ----------
Net increase (decrease) in
assets available for
plan benefits (125,791) 30,601 737,143 641,953
Assets available for plan
benefits, beginning
of year 4,106,010 881,677 4,987,687
---------- --------- -------- ----------
Assets available for plan
benefits, end of year $3,980,219 $ 912,278 $737,143 $5,629,640
========== ========= ======== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
7
<PAGE> 11
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
_______
1. Description of Plan:
-------------------
The following brief description of the Oglebay Norton Taconite Company
(ONTAC) Thrift Plan and Trust (the Plan) is provided for general
information purposes only. Participants should refer to the Plan
document for complete information regarding the Plan's definitions,
benefits, eligibility and other matters.
GENERAL:
The Plan is a contributory defined contribution plan available to all
full-time salaried employees of ONTAC. Employee participation in the
Plan is voluntary and enrollment in the Plan is permitted on the first
day of each January and July. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA).
CONTRIBUTIONS:
The Plan allows participants to contribute up to fifteen percent of
their base salary which includes overtime compensation.
ONTAC makes monthly contributions equal to 50% of the participants'
eligible monthly contributions up to a maximum of two percent, subject
to any statutory limits. Forfeitures of ONTAC's contributions by
nonvested participants will reduce future ONTAC contributions.
PARTICIPANT ACCOUNTS:
Participant contributions are invested in the following trustee-managed
investment funds that are part of the Oglebay Norton Master Trust:
. Insured Fund - consists primarily of corporate securities and other
assets the income from which is fixed, limited, or determinable in
advance.
. Equity Fund - consists primarily of common stocks and securities
convertible to common stocks.
. Bond Fund - consists primarily of short-term U.S. government
securities, corporate securities, mortgage-related securities and
zero coupon bonds.
Continued
8
<PAGE> 12
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
_______
1. Description of Plan, continued:
-------------------
PARTICIPANT ACCOUNTS, continued:
The allocation of the participant's contributions to these investment
funds is selected by the participant and may be changed on each
enrollment date. Allocation between funds is limited to multiples of 10
percent of the participant's contributions. The allocation of the
employer contributions to the investment funds will match that of the
participant's contributions.
Each participant's contribution account is credited with the
participant's monthly contribution, the monthly allocation of ONTAC's
contribution, and fund earnings. ONTAC's contributions are allocated to
the participant's respective fund accounts for participants who are
employed on the last working day of the month. A participant is
entitled to the benefit that can be provided from the participant
accounts. As of December 31, 1993, approximately 133 employees were
participating in the Plan. At December 31, 1993, 1992 and 1991, the
approximate number of participants in each investment fund was as
follows:
<TABLE>
<CAPTION>
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
Insured Fund 88 121 84
Equity Fund 79 58 55
Bond Fund 34 67 24
</TABLE>
VESTING:
Participants are immediately vested in the value of their contributions
plus actual earnings thereon. Participants achieve 100 percent vesting
in ONTAC contributions and earnings thereon upon completion of five
years of service after plan enrollment or upon death, disability, or
retirement after age 65. If employees terminate before rendering five
years of service, they forfeit the right to obtain any ONTAC nonvested
contributions and earnings thereon in excess of 10 percent for each full
year of service up to 40 percent. Any forfeitures will be used to
reduce future ONTAC contributions.
Continued
9
<PAGE> 13
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
_______
1. Description of Plan, continued:
--------------------
PAYMENT OF BENEFITS:
Upon retirement, death, disability or separation from service, a
participant or beneficiary will receive a lump sum distribution equal to
the vested portion of the participant's account.
PLAN TERMINATION:
While ONTAC has not expressed any intent to discontinue its
contributions, it is free to do so at any time subject to the provisions
of ERISA. In the event such discontinuance results in the termination
of the Plan, participants will become 100 percent vested in their
accounts and the Plan assets will be available for the exclusive use of
the participants subject to the discretion of the plan administrator.
2. Summary of Significant Accounting Policies:
------------------------------------------
VALUATION OF INVESTMENTS:
Investments of the Plan consist of units in the Oglebay Norton Master
Trust and the Society National Bank Short-Term Investment Fund. The
Oglebay Norton Master Trust consists of commingled trust funds
maintained by the Trustee. The assets of these commingled trust funds
(equity securities and fixed interest obligations) that are traded on a
national securities exchange are valued at the last reported sales price
on the last business day of the year; investment securities traded in
the over-the-counter market are valued at the last reported bid price.
Investments in the Short-Term Investment Fund are recorded at cost which
is equivalent to fair value.
CONTRIBUTIONS:
Employee contributions are recorded in the period ONTAC makes payroll
deductions from plan participants. Employer contributions are accrued
based on employee contributions.
INTEREST AND DIVIDENDS:
Interest income is recorded as earned on an accrual basis and dividend
income is recorded on the ex dividend date.
Continued
10
<PAGE> 14
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
_______
2. Summary of Significant Accounting Policies, continued:
------------------------------------------
NET APPRECIATION (DEPRECIATION) IN THE FAIR VALUE OF
INVESTMENTS:
The statements of income and changes in assets available for plan
benefits, including fund information, include the net appreciation
(depreciation) in the fair value of investments which consists of the
realized gains or losses and the change in unrealized appreciation
(depreciation) on those investments held.
RECLASSIFICATIONS:
Certain investment-related amounts in the 1992 statement of assets
available for plan benefits, with fund information, and 1992 and 1991
statements of income and changes in assets available for plan benefits,
with fund information, have been reclassified to conform with the 1993
presentation. These reclassifications had no impact on previously
reported assets available for plan benefits or income and changes in
assets available for plan benefits.
3. Related Party and Party-In-Interest Transactions:
------------------------------------------------
The trustee is authorized under contract provisions or by ERISA
regulations providing an administrative or statutory exemption, to
invest in funds under its control and in securities of Oglebay Norton
Company.
In 1993, there were 92 purchases and 41 sales in the various investment
funds under the trustee's control, totaling $1,269,076 and $1,277,809,
respectively. In 1992, there were 118 purchases and 21 sales in the
various investment funds under the trustee's control, totaling $721,872
and $797,896, respectively. In 1991, there were 105 purchases and 29
sales in the various investment funds under the trustee's control,
totaling $5,595,068 and $10,358,332, respectively.
Temporary cash balances are invested on a daily basis in short-term
investment funds under the trustee's control. Such temporary cash
balances are not significant to the Plan's financial statements.
Continued
11
<PAGE> 15
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
_______
4. Tax Status:
----------
The Plan constitutes a qualified trust under Section 401(a) of the
Internal Revenue Code and therefore is considered to be exempt from
federal income taxes under provisions of Section 501(a). The Plan also
complies with the provisions of Section 401(k) of the Code. A tax
qualification letter, dated March 31, 1989, was received from the
Internal Revenue Service.
The Plan has been amended since receiving the determination letter.
However, the Plan's administrator believes that the Plan is currently
designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code and was qualified, and the
related trust was tax-exempt as of the financial statement dates.
5. Investments:
-----------
Investments held by the Plan at December 31, 1993 and 1992 are
summarized as follows:
<TABLE>
<CAPTION>
Fair Value Cost
---------------------------- ------------------------
Description 1993 1992 1993 1992
----------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Insured Fund:
Oglebay Norton Master
Trust $4,341,802 $3,966,755 $3,743,031 $3,586,303
Society National Bank,
Short-Term Invest-
ment Fund 31,123 37,124 31,123 37,124
Equity Fund:
Oglebay Norton Master
Trust 414,015 893,560 410,662 843,808
Society National Bank,
Short-Term Invest-
ment Fund 19,691 37,441 19,691 37,441
Bond Fund:
Oglebay Norton Master
Trust 1,012,402 730,482 931,733 678,945
Society National Bank,
Short-Term Invest-
ment Fund 36,027 16,429 36,027 16,429
---------- ---------- ---------- ----------
$5,855,060 $5,681,791 $5,172,267 $5,200,050
========== ========== ========== ==========
</TABLE>
Continued
12
<PAGE> 16
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
_______
6. Plan Interest in Oglebay Norton Master Trust:
--------------------------------------------
The Plan's investments are principally in the Oglebay Norton Master
Trust which was established for the investment of assets of the Plan and
one other Oglebay Norton sponsored retirement plan. Each of the
participating retirement plans have an individual interest in the Master
Trust.
A summary of the net assets included in the Oglebay Norton Master Trust
at December 31, 1993 and 1992 are as follows:
<TABLE>
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Investments, at fair value:
Fixed Income - Corporate $10,213,230 $ 9,560,342
Common and convertible preferred
stock 3,733,389 4,391,131
Fixed Income - U.S. Government 1,111,696 1,605,202
Mortgage-related securities 1,286,766 709,826
Cash equivalents 327,312 225,015
Zero coupon bonds 230,616 128,970
----------- -----------
Total Oglebay Norton
Master Trust
net assets $16,903,009 $16,620,486
=========== ===========
</TABLE>
Investment income of the Oglebay Norton Master Trust in 1993, 1992 and
1991 is as follows:
<TABLE>
<CAPTION>
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
Net appreciation (depreciation)
in fair value of investments:
Fixed Income - Corporate $1,208,098 $ 736,268 $ 311,866
Common and convertible preferred
stock 39,571 261,485 631,751
Fixed income - U.S. Government 54,025 44,507 61,973
Mortgage-related securities 25,550 27,076 41,389
Zero coupon bonds 32,095 25,528 12,658
---------- ---------- ----------
1,359,339 1,094,864 1,059,637
Interest and dividends 391,700 356,723 468,530
---------- ---------- ----------
$1,751,039 $1,451,587 $1,528,167
========== ========== ==========
</TABLE>
Continued
13
<PAGE> 17
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
_______
6. Plan Interest in Oglebay Norton Master Trust, continued:
--------------------------------------------
Interest, dividends and net appreciation (depreciation) in the fair
value of these investments are allocated to the Plan on a monthly basis,
based upon the value of investments held at the close of the prior
month. The Plan held approximately 34.1% and 33.6% of the total fair
value of the Oglebay Norton Master Trust net assets at the end of 1993
and 1992, respectively.
14
<PAGE> 18
SUPPLEMENTAL SCHEDULES
<PAGE> 19
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
as of December 31, 1993
_______
EIN 34-1201326
Plan Number 003
<TABLE>
<CAPTION>
Identity of Issue,
Borrower, Lessor, Current
or Similar Party Description of Investment Cost Value
------------------ ------------------------- ---- -------
<S> <C> <C> <C>
Society National Bank Short-Term Investment
Fund $86,841 $86,841
</TABLE>
15
<PAGE> 20
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1993
_______
EIN 34-1201326
Plan Number 003
<TABLE>
<CAPTION>
Current
Value of
Identity Cost Asset on Net
of Party Purchase Selling of Transaction Gain
Involved Description of Asset Price Price Asset Date (Loss)
- - - -------- -------------------- -------- ------- ----- ----------- -----
<S> <C> <C> <C> <C> <C> <C>
Society Insured Fund:
National Short-Term Investment
Bank Fund $698,613 $706,929 $706,929 $706,929 -
Equity Fund:
Short-Term Investment
Fund 313,353 333,367 333,367 333,367 -
Bond Fund:
Short-Term Investment
Fund 257,110 237,513 237,513 237,513 -
Note: The following columns of Schedule 27d were excluded as they are not applicable: column (f)-lease rental, and column
(g)-expenses incurred with transaction.
</TABLE>
16
<PAGE> 21
OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST
ITEM 27e - SCHEDULE OF NONEXEMPT TRANSACTIONS
for the year ended December 31, 1993
_______
EIN 34-1201326
Plan Number 003
<TABLE>
<CAPTION>
Identity Description Relation- Current Net
of Party of ship to Purchase Selling Cost of Value Gain
Involved Transactions Plan Price Price Asset of Asset (Loss)
- - - -------- ------------ -------- -------- ------- ------- -------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Society Short-Term
National Invest-
Bank ment
Fund Trustee $1,269,076 $1,277,809 $1,277,809 $1,277,809 -
</TABLE>
Note: The following columns of Schedule 27e were excluded as they are not
applicable: column (f)-lease rental, and column (g)-expenses incurred
with transaction.
17
<PAGE> 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the
Registration Statement of Oglebay Norton Company on Form S-8 (Registration No.
33-37975) of our report dated May 13, 1994, on our audits of the financial
statements of the Oglebay Norton Taconite Company Thrift Plan and Trust as of
December 31, 1993 and 1992 and for the years ended December 31, 1993, 1992 and
1991 which report is included in this Annual Report on Form 11-K.
COOPERS & LYBRAND
COOPERS & LYBRAND
Minneapolis, Minnesota
June 17, 1994
