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SECURITIES AND EXCHANGE COMMISSION
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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): May 18, 1995
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Armco Inc.
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(Exact name of registrant as specified in charter)
Ohio 1-873-2 31-0200500
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification No.)
One Oxford Centre, 301 Grant Street, Pittsburgh, Pennsylvania 15219-1415
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 412/255-9800
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ITEM 5. OTHER EVENTS.
Armco Inc. ("Armco") together with USX Corporation signed a letter
of intent on May 18, 1995, to sell their respective 50% partnership
interests in National-Oilwell to a group including Duff &
Phelps/Inverness LLC and Bain Capital. Armco owns its 50% interest
through its wholly owned subsidiary, National Supply Company, Inc.
National-Oilwell, headquartered in Houston, Texas, is an oil and gas
service company that distributes oilfield tubular pipe and oilfield
supplies and manufactures drilling equipment and process pumps. The
sale, which is subject to several contingencies, including obtaining
financing, is anticipated to close during the third quarter of 1995.
Other details of the transaction were not disclosed.
Armco's investment in National-Oilwell was $79.5 million at
December 31, 1994 and, for the year 1994, Armco recognized $9.8 million
of equity income, including $6.4 million in gains from National-
Oilwell's disposal of certain operating assets.
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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 hereunto duly authorized.
ARMCO INC.
Date: June 5, 1995 By: /s/ Gary R. Hildreth
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Gary R. Hildreth
Vice President
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