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Previous: PSI RESOURCES INC, 8-K, 1994-03-28 |
Next: DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND INC, 497, 1994-03-28 |
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K/A
ANNUAL REPORT FILED PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1993 COMMISSION FILE NUMBER 1-9887
OREGON STEEL MILLS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 94-0506370
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1000 BROADWAY BUILDING
SUITE 2200
1000 S. W. BROADWAY
PORTLAND, OREGON 97205 97205
(Address of principal executive office) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (503) 223-9228
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Title of each class Name of each exchange on which registered
------------------- -----------------------------------------
Common Stock, $.01 par value per share New York Stock Exchange
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
None
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.[ ]
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--- ---
State the aggregate market value of the voting stock held by non-affiliates
of the registrant.
Based on last sale, January 29, 1994: $517,553,000
-----------
Indicate the number of shares outstanding of each of the registrant's
classes of stock as of January 31, 1994:
Common Stock, $.01 par value 19,347,781
---------------------------- ------------------------------
(Title of Class) (Number of shares outstanding)
DOCUMENTS INCORPORATED BY REFERENCE:
Proxy statement for the Registrant's Annual Meeting of Stockholders to be
held April 28, 1994 is incorporated by reference into Part III of this report.
<PAGE>
<PAGE>
AMENDMENT 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its annual report on Form 10K as set
forth in the pages attached hereto:
Financial Statement Schedules:
Report of Independent Accountants
V Property, plant and equipment for the
three years ended December 31, 1993
VI Accumulated depreciation, depletion and
amortization of property, plant and
equipment for the three years ended
December 31, 1993
VIII Valuation and qualifying accounts for
three years ended December 31, 1993
IX Short-term borrowings for the three
years ended December 31, 1993
X Supplementary income statement informa-
tion for the three years ended
December 31, 1993
Exhibits:
23.0 Consent of Independent Accountants
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
Oregon Steel Mills, Inc.
------------------------
By /s/ Jackie L. Williams
-------------------------
Jackie L. Williams
Corporate Controller
March 28, 1994 (Principal Accounting Officer)
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
ON FINANCIAL STATEMENT SCHEDULES
Our report on the consolidated financial statements of Oregon Steel Mills, Inc.
and Subsidiaries is included on Page 25 of the 1993 Form 10-K of Oregon Steel
Mills, Inc. In connection with our audits of such financial statements, we have
also audited the related financial statement schedules listed on the cover page
of this Form 10K/A, Amendment No. 1.
In our opinion, the financial statement schedules referred to above, when
considered in relation to the basic financial statements taken as a whole,
present fairly, in all material respects, the information required to be
included therein.
COOPERS & LYBRAND
Portland, Oregon
February 11, 1994
1<PAGE>
<PAGE>
<TABLE>
OREGON STEEL MILLS, INC.
SCHEDULE V - PROPERTY, PLANT AND EQUIPMENT
FOR THE YEARS ENDED DECEMBER 31
(IN THOUSANDS)
--------------
<CAPTION>
Column B Column E Column F
---------- ----------- ----------
Balance at Column C Other Balance at
---------
Column A Beginning Additions Column D Changes Add End of
-------------- -----------
Classification of Period at Cost Retirements (Deduct) Period
-------------- ---------- --------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
1993
----
Land and improvements $ 21,652 $ 4,211 $(1,373) $ (24) $ 24,466
Buildings 32,180 4,010 (85) (284) 35,821
Machinery and
equipment 197,492 45,882 (1,527) (1,499) 240,348
Construction in
progress 19,756 15,320 (469) (2) 34,605
-------- ------- ------- ------- --------
$271,080 $69,423(2) $(3,454) $(1,809) $335,240
======== ======= ======= ======= ========
1992
----
Land and improvements $ 17,885 $ 3,941 $ (59) $ (115) $ 21,652
Buildings 21,801 11,116 (318) (419) 32,180
Machinery and
equipment 150,619 51,449 (3,432) (1,144) 197,492
Construction in
progress 25,252 (5,680) - 184 19,756
-------- ------- ------- ------- --------
$215,557 $60,826(1) $(3,809) $(1,494) $271,080
======== ======= ======= ======= ========
1991
----
Land and improvements $ 14,037 $ 3,848 $ - $ - $ 17,885
Buildings 20,050 1,751 - - 21,801
Machinery and
equipment 113,385 40,643 (3,581) 172 150,619
Construction in
progress 27,085 (1,661) - (172) 25,252
-------- ------- ------- ------- --------
$174,557 $44,581 $(3,581) $ - $215,557
======== ======= ======= ======= ========
<FN>
- ----------
(1) Includes additions from purchase of Camrose Pipe Mill.
(2) Includes additions from purchase of assets of CF&I Steel Corporation.
</TABLE>
2<PAGE>
<PAGE>
<TABLE>
OREGON STEEL MILLS, INC.
SCHEDULE VI - ACCUMULATED DEPRECIATION, DEPLETION AND
AMORTIZATION OF PROPERTY, PLANT AND EQUIPMENT
FOR THE YEARS ENDED DECEMBER 31
(IN THOUSANDS)
--------------
<CAPTION>
Column C
----------
Column B Additions Column E Column F
---------- ----------- ----------
Balance at Charged to Other Balance at
Column A Beginning Costs and Column D Changes Add End of
-------------- -----------
Classification of Period Expenses Retirements (Deduct) Period
-------------- ---------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
1993
----
Land and improvements $ 3,752 $ 1,077 $ - $ 66 $ 4,895
Buildings 6,122 1,370 (4) (145) 7,343
Machinery and
equipment 74,413 18,322 (623) (50) 92,062
------- ------- ------- ----- --------
$84,287 $20,769 $ (627) $(129) $104,300
======= ======= ======= ===== ========
1992
----
Land and improvements $ 3,025 $ 787 $ (59) $ (1) $ 3,752
Buildings 5,190 1,079 (142) (5) 6,122
Machinery and
equipment 62,701 14,384 (2,651) (21) 74,413
------- ------- ------- ----- --------
$70,916 $16,250 $(2,852) $(27) $ 84,287
======= ======= ======= ===== ========
1991
----
Land and improvements $ 2,351 $ 674 $ - $(27) $ 3,025
Buildings 4,418 799 - - 5,190
Machinery and
equipment 53,952 10,967 (2,245) 27 62,701
------- ------- ------- ---- --------
$60,721 $12,440 $(2,245) $ - $ 70,916
======= ======= ======== ==== ========
</TABLE>
3<PAGE>
<PAGE>
<TABLE>
OREGON STEEL MILLS, INC.
SCHEDULE VIII - VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31
(IN THOUSANDS)
--------------
<CAPTION>
Column C
-------------------------
Column B Additions Column E
---------- ----------
Balance at Charged to Charged Column D Balance at
----------
Column A Beginning Costs and to Other Deductions End of
--------------
Classification of Period Expenses Accounts (1) Period
-------------- ---------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C>
1993
----
Allowance for doubtful
accounts $926 $764 $463 (2) $(247) $1,906
==== ==== ==== ===== ======
1992
----
Allowance for doubtful
accounts $770 $360 - $(204) $ 926
==== ==== ==== ===== ======
1991
----
Allowance for doubtful
accounts $562 $330 - $(122) $ 770
==== ==== ==== ===== ======
<FN>
- ----------
(1) Results from write-offs of accounts receivable.
(2) Additions from purchase of assets of CF&I Steel Corporation.
</TABLE>
4<PAGE>
<PAGE>
<TABLE>
OREGON STEEL MILLS, INC.
SCHEDULE IX - SHORT-TERM BORROWINGS
FOR THE YEARS ENDED DECEMBER 31
(IN THOUSANDS OF DOLLARS)
-----------
<CAPTION>
Column F
----------
Column D Column E Weighted
----------- -----------
Column C Maximum Average Average
--------
Column B Weighted Amount Amount Interest
---------
Column A Balance Average Outstanding Outstanding Rate
- ------------------------
Category of Aggregate at end of Interest During the During the During the
Short-Term Borrowings Period Rate Period Period(3) Period(3)
- ------------------------ --------- -------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
1993
----
Working Capital Line (2) $14,225 5.10% $14,655 $ 2,196 4.87%
1992
----
Working Capital Line (2) $11,000 3.50% $25,500 $ 2,554 3.57%
1991
----
Working Capital Line (1) 0 N/A $19,200 $ 4,061 7.72%
Working Capital Line (2) 0 N/A 33,100 7,505 6.02%
<FN>
- ----------
(1) Short-term working capital line borrowings using short-term Bankers' Acceptances.
(2) Short-term working capital line borrowings under the revolving credit agreement.
(3) All borrowings and interest rates for the particular category were accumulated and an average interest rate and
amount outstanding were calculated over the calendar year.
</TABLE>
5<PAGE>
<PAGE>
OREGON STEEL MILLS, INC.
SCHEDULE X - SUPPLEMENTARY INCOME STATEMENT INFORMATION
FOR THE YEARS ENDED DECEMBER 31
(IN THOUSANDS)
--------------
Column A Column B
- ------------------- --------------------------------
Description Charged to Costs and Expenses
- ------------------- --------------------------------
1993 1992 1991
------- ------- -------
Maintenance and repairs $73,274 $41,468 $38,288
Taxes other than income
and payroll 4,652 3,131 2,428
6
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Index to Exhibits
-----------------
Sequentially
Item No. Description of Item Numbered Page
- -------- ------------------- -------------
23.0 Consent of Independent Accountants 8
7<PAGE>
<PAGE>
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement of
the Oregon Steel Mills, Inc. Employee Stock Ownership Plan on Form S-8 (File No.
33-26739) of our reports dated February 11, 1994, on our audits of the
consolidated financial statements and financial statement schedules of Oregon
Steel Mills, Inc. as of December 31, 1993, 1992 and 1991, and for the years then
ended, which report is included in this Annual Report of Form 10-K.
COOPERS & LYBRAND
Portland, Oregon
March 18, 1994
8<PAGE>
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