---

Steelworkers React to Management Changes at Oregon Steel Mills, Inc.

4 August 1999

Steelworkers React to Management Changes at Oregon Steel Mills, Inc.

    PITTSBURGH, Aug. 3 -- The United Steelworkers of America
today congratulated Oregon Steel CEO Thomas Boklund on his announced
retirement as well as welcoming his successor, Joe E. Corvin.

    The USWA said,
    "Mr. Corvin obviously has some shoes to fill.  In 1985, when Tom Boklund
was first appointed, Oregon Steel was still a private company.  Three years
later, on April 15, 1988, when the company first went public, the Dow Jones
Industrial Average stood at just over 2,000, while Oregon Steel's stock closed
at 11 7/16.
     "Now just over 11 years later, the Dow has gone up by over 400% - to
10,600 - while Oregon Steel's stock has increased by 2%, to 11 11/16.
    "Quite a record.
    "Mr. Corvin, too, seems to be off to a good start.  Since word of his
appointment began being discussed, Oregon Steel's stock has fallen by almost
20%, with the stock down almost 3% on the day of the announcement alone.
    "Clearly the market anticipates that the transition will be seamless, with
Corvin continuing to pursue the strategies that have given Oregon Steel its
well-deserved reputation regarding building long-term shareholder value."