The owner of the Eastern Stainless Steel plant on Rolling Mill Road said it earned a profit in the last three months of 1990 but lost money for the year after taking a $15 million charge for restructuring.

Cyclops, a Pittsburgh-based specialty steelmaker, had previously announced its agreement to be taken over by Armco Inc., a New Jersey-based steelmaker with a stainless steel rod plant on East Biddle Street in Baltimore.

The company said its flat-rolled products division, including the stainless steel plate and sheet operation in Baltimore, has suffered from a slump in sales, lower prices and higher energy and labor costs.