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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):September 30, 1994
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ASARCO Incorporated
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(Exact name of registrant as specified in its charter)
New Jersey 1-164 13-4924440
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
180 Maiden Lane, New York, New York 10038
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 510-2000
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Item 5. Other Events.
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ASARCO Incorporated ("Asarco") announced on September 30, 1994 that it
will make a provision in its third quarter 1994 earnings for environmental
costs associated with certain of its previously closed facilities and current
operations. The Press Release is attached.
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Item 7. Financial Statements and Exhibits
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99. Press Release of ASARCO Incorporated dated September 30, 1994.
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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.
ASARCO Incorporated
(Registrant)
Dated: October 3, 1994 /s/ Augustus B. Kinsolving
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Vice President
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EXHIBIT INDEX
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Exhibit Page
No. Description No.
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99 Press Release of ASARCO Incorporated
dated September 30, 1994.
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FOR IMMEDIATE RELEASE
ASARCO ANNOUNCES THIRD QUARTER PROVISION
NEW YORK, N.Y., September 30, 1994 -- ASARCO Incorporated (NYSE:AR) today
announced that it will make a $30.7 million after-tax provision, $45.5 million
on a pre-tax basis, in its third quarter 1994 results to add to its reserve for
environmental costs associated with the Company's previously closed facilities
and current operations. Asarco had a reserve for environmental matters of
$104.8 million at June 30, 1994.
The additional third quarter 1994 charge, together with prior
accruals, will accommodate resolutions reached in the third quarter of 1994 at
a number of sites, particularly at Asarco's former smelter in Tacoma,
Washington.
The Company has reached an agreement in principle with the City of
Tacoma, Town of Ruston and Metropolitan Park District of Tacoma over a plan for
the final remediation of the smelter site. The agreement remains subject to
final acceptance by EPA of the remediation plan, but the Company believes it
can now reasonably estimate the cost of that remediation.
(more)
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Commenting on Asarco's announcement, Richard de J. Osborne, Chairman
and Chief Executive Officer of Asarco, said, "When the agreement at Tacoma is
concluded Asarco will have finalized remediation plans at the most important
historical sites where the Company has been involved in Superfund proceedings
since enactment of the Superfund law in 1980."
ASARCO Incorporated, headquartered in New York City, is one of the
world's leading integrated producers of nonferrous metals, principally copper,
silver, lead, zinc and gold. Asarco also produces specialty chemicals,
minerals and other industrial products and provides environmental services.
Asarco had 1993 sales of $1.7 billion.
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