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          GENERAL SEMICONDUCTOR ANNOUNCES SECOND QUARTER 1999 EARNINGS

MELVILLE, NY (July 21, 1999)-General  Semiconductor,  Inc. (NYSE:SEM), a leading
manufacturer  of  discrete  semiconductors,  today  reported  net  sales for the
quarter  ended June 30,  1999 of $101.6  million,  compared  with $98.8  million
reported  for the second  quarter of 1998.  Operating  income in the quarter was
$12.0 million  compared with $15.6  million in the  comparable  quarter of 1998,
while earnings per share were $0.14 versus $0.19 in the year-earlier period.

On a sequential basis,  these figures  represent  improvement from first quarter
1999 net sales of $97.0 million,  operating income of $10.8 million and earnings
per share of $0.12.

For the six month  period  ended June 30, net sales in 1999 were $198.5  million
compared with $205.2 million in 1998.  Operating income was $22.8 million versus
$35.2  million  in 1998,  due to lower  average  selling  prices.  The  discrete
semiconductor industry has remained extremely price competitive over the past 12
months.  Earnings per share in the first half of 1999 were $0.25  compared  with
$0.44 in the year earlier period.

During the second quarter of 1999, however,  sales, orders and backlog increased
in most major  market  areas and the rate of price  decline  has started to show
signs of  slowing.  On a global  basis,  average  selling  prices  were  down 4%
sequentially  while unit  sales  were up 13%.  For the first six months of 1999,
prices were down 15% from the  comparable  year ago period while unit sales were
up 10%.

On a geographic basis,  Asia had the strongest period to period  comparisons and
North  America has started to improve,  but Europe has  remained  soft.  End-use
markets  that  exhibited  particular  strength in the  quarterly  year-over-year
comparison   included   computer/computer    peripheral,    lighting,   contract
manufacturing and automotive.

In June,  General  Semiconductor's  credit  agreement was amended to improve the
Company's  financial  flexibility  and better position the Company to pursue its
business  strategy.  The amendment  will result in additional  interest  charges
estimated at approximately  $0.03 per share per quarter causing earnings for the
full  year to fall  below the $0.74 per  share,  before  restructuring  charges,
earned in 1998.  Under the terms of the  amendment,  the  Company is planning to
issue senior  subordinated  notes in an offering which may be completed in 1999.
The  proceeds  of the  offering  are  expected  to be  used  to  repay  existing
borrowings.

"We are particularly  pleased with the accomplishments of the Company during the
quarter,"  stated Ronald A. Ostertag,  Chairman and Chief  Executive  Officer of
General  Semiconductor.  "With the  amendment  of our credit  agreement  and the
support of our bank  group,  we will be able to further our plans to improve our
cost  structure and broaden our product  portfolio.  Based on the  strengthening
fundamentals  in the industry and improving  economies of Asia  Pacific,  we are
optimistic  about  operations  for the  remainder  of 1999 and  expect to report
sequential improvement in earnings,  despite the additional interest charge," he
added.

General  Semiconductor,  Inc. is a market leader in the discrete  segment of the
semiconductor industry with manufacturing  facilities in China, France, Germany,
Ireland,  Taiwan and the United States.  The Company  provides  customers with a
broad array of power rectifiers,  transient voltage suppressors and small signal
transistors  and  diodes.  It has a  diversified  customer  base,  in  terms  of
geography and end-use markets. Customers include leading manufacturers,  located
around  the  globe,  of  consumer  electronics,   lighting,   telecommunications
equipment, computers, automotive and automotive aftermarket products.

The  information  set forth above includes  "forward-looking"  information  and,
accordingly,  the cautionary statements contained in Exhibit 99 to the Company's
Form 10-K/A and Form 10-Q filings with the  Securities  and Exchange  Commission
are incorporated  herein by reference.  General  Semiconductor's  actual results
could differ  materially  from the  "forward-looking"  information in this press
release.


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