UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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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): September 30, 1998
LACLEDE STEEL COMPANY
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(Exact Name of Registrant as Specified in Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-3855
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(Commission File Number)
43-0368310
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(I.R.S. Employer Identification Number)
One Metropolitan Square
St. Louis, Missouri 63102
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 314-425-1400
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Item 5. Other Events.
As set forth in the Registrant's Quarterly Report on Form 10-Q, dated August 12,
1998 ("Third Quarter 10-Q"), the Registrant has held discussions with certain
trade creditors with regard to outstanding accounts payable balances. As a
result of these discussions, payment of a significant portion of outstanding
accounts payable balances has been deferred. Consistent with this effort, the
Registrant has notified the trustee (the "Trustee") on its unsecured $12,000,000
Pollution Control Revenue Bonds, Series 1976 ("PCR Bonds"), that the Registrant
is not at this time making the payment due October 1, 1998 on the PCR Bonds. The
principal amount outstanding, as of September 30, 1998, under the PCR Bonds was
$8,040,000. Under the PCR Bond documents, failure to make this payment is an
event of default which gives right to the legal remedy of acceleration. The
Registrant has requested a meeting with the Trustee to discuss the Registrant's
current financial situation and deferral of amounts due with respect to the PCR
Bonds. Registrant has timely paid the principal and interest due October 1, 1998
under Registrant's secured $1,000,000 Industrial Development Bonds, Series 1976.
As discussed in the Third Quarter 10-Q and as the Registrant notified the
Trustee, the Registrant is currently in the later stages of developing a
comprehensive restructuring plan. This plan includes negotiations with the
United Steelworkers in connection with the Registrant's request that there be a
restructuring of both the collective bargaining agreement for the Alton,
Illinois employees and the retiree benefit plans. Preliminary discussions also
have occurred with the Pension Benefit Guaranty Corporation concerning both of
the Registrant's hourly and salaried defined benefit plans. There can, however,
be no assurance that the Registrant's restructuring plan will be successful.
SIGNATURE
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.
LACLEDE STEEL COMPANY
(Registrant)
Date: September 30, 1998 By: /s/ Michael H. Lane
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Michael H. Lane
Vice President - Finance, Treasurer
and Secretary
