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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Cold Metal Products, Inc.
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(Name of Issuer)
Common Shares
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(Title of Class of Securities)
192861102
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(CUSIP Number)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 4 Pages
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SCHEDULE 13G
CUSIP No. 192861102 Page 2 of 4 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Quaker Capital Management Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ___
(b) X
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3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES
BENEFICIALLY 6 SHARED VOTING POWER 475,000
OWNED BY
EACH 7 SOLE DISPOSITIVE POWER 0
REPORTING
PERSON 8 SHARED DISPOSITIVE POWER 475,000
WITH
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
475,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES ___
The Reporting Person disclaims beneficial ownership of
475,000 shares owned by its clients.
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.63%
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12 TYPE OF REPORTING PERSON*
IA
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Page 2 of 4 Pages
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SCHEDULE 13G
CUSIP NO. 192861102
This constitutes Amendment No. 1 to the Schedule 13G of
Quaker Capital Management Corporation filed with the Securities
and Exchange Commission on February 15, 1996 relating to the
Common Stock of Cold Metal Products, Inc. (the "Schedule 13G").
Item 4 of the Schedule 13G is hereby amended and restated to read
in its entirety as follows:
Item 4. Ownership
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(a) The Reporting Person, in its capacity as
investment adviser, may be deemed to be the
beneficial owner of 475,000 shares of the Common
Stock of the Issuer which are owned by various
investment advisory clients of the Reporting
Person in accounts over which the Reporting Person
has discretionary authority. The filing of this
report shall not be construed as an admission that
the Reporting Person is, for purposes of Section
13(d) or 13(g) of the Act, the beneficial owner of
these securities.
(b) The shares covered by this report represent 6.63%
of the Common Stock of the Issuer.
(c) None of the clients of the Reporting Person is known to
own more than 5% of the Common Stock of the
Issuer. The Reporting Person shares voting and
dispositive power over the 475,000 shares owned by
its clients and held in accounts over which it has
discretionary authority.
Item 6 of the Schedule 13G is hereby amended and restated to read
in its entirety as follows:
Item 6. Ownership of More than Five Percent on
Behalf of Another Person
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The shares with respect to which this report is filed
are owned by a variety of investment advisory clients
of the Reporting Person, which clients are entitled to
receive dividends on and the proceeds from the sale of
such shares. No client is known to own more than 5% of
the class.
Page 3 of 4 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
QUAKER CAPITAL MANAGEMENT CORPORATION
February 11, 1997 By:/S/Mark G. Schoeppner
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Mark G. Schoeppner
President
Page 4 of 4 Pages
