SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 1 1 - K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number 1-983
A. FULL TITLE OF THE PLAN AND ADDRESS OF THE PLAN IF
DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW:
NATIONAL STEEL REPRESENTED EMPLOYEE
RETIREMENT SAVINGS PLAN
B. NAME OF THE ISSUER OF THE SECURITIES HELD PURSUANT
TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL
EXECUTIVE OFFICE:
NATIONAL STEEL CORPORATION
4100 EDISON LAKES PARKWAY
MISHAWAKA, IN 46545-3440
FORM 11-K
TABLE OF CONTENTS
Pages
Audited Financial Statements . . . . . . . . 3-15
Signature Page . . . . . . . . . . . . . . . 16
Exhibit Index . . . . . . . . . . . . . . . . 17
ANNUAL REPORT ON FORM 11-K
Audited Financial Statements
NATIONAL STEEL CORPORATION
NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS
PLAN
(Plan 004)
DECEMBER 31, 1993 and 1992
Audited Financial Statements
NATIONAL STEEL CORPORATION
NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS
PLAN
(Plan 004)
December 31, 1993 and 1992
Page
Report of Independent Auditors . . . . . . . 5
Statements of Combined and Individual
Fund Net Assets Available for Benefits . . 6
Statement of Changes in Combined and
Individual Fund Net Assets Available
for Benefits for the Year Ended
December 31, 1993 . . . . . . . . . . . . . 7
Statement of Changes in Combined and
Individual Fund Net Assets Available
for Benefits for the Year Ended
December 31, 1992 . . . . . . . . . . . . . 8
Notes to Financial Statements . . . . . . . . 9
Item 27a--Schedule of Assets Held for
Investment . . . . . . . . . . . . . . . . 14
Item 27d--Schedule of Transactions or
Series of Transactions in Excess of 5
Percent of the Current Value of Plan
Assets . . . . . . . . . . . . . . . . . . 15
Report of Independent Auditors
The Administrator of the National Steel Corporation
National Steel Represented Employee Retirement Savings Plan
National Steel Corporation
Mishawaka, IN
We have audited the accompanying statements of combined
and individual fund net assets available for benefits of
the National Steel Represented Employee Retirement
Savings Plan (the "Plan") as of December 31, 1993 and
1992, and the related statements of changes in combined
and individual fund net assets available for benefits for
the years then ended. These financial statements are the
responsibility of the Plan's management. Our
responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free
of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the
combined and individual fund net assets available for
benefits of the Plan at December 31, 1993 and 1992, and
the changes in its combined and individual fund net
assets available for benefits for the years then ended,
in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an
opinion on the financial statements taken as a whole.
The accompanying supplemental schedules of assets held
for investment as of December 31, 1993, and transactions
or series of transactions in excess of 5 percent of the
current value of Plan assets for the year then ended, are
presented for purposes of complying with the Department
of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security
Act of 1974, and are not a required part of the financial
statements. The supplemental schedules have been
subjected to the auditing procedures applied in our audit
of the 1993 financial statements and, in our opinion, are
fairly stated in all material respects in relation to the
1993 financial statements taken as a whole.
Fort Wayne, IN
May 27, 1994 Ernst & Young
EIN: 25-0687210
PN: 004
<TABLE>
<CAPTION>
STATEMENTS OF COMBINED AND INDIVIDUAL FUND NET ASSETS AVAILABLE FOR BENEFITS
NATIONAL STEEL CORPORATION
NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN
Fidelity Funds
_____________________________________________________
Retirement NII NII
Cash Equity Income Growth Intermediate Common Preferred Participant Combined
Reserves Fund Fund Bond Fund Stock Stock Loans Funds
____________ ____________ ____________ ____________ ___________ ___________ ___________ ____________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DECEMBER 31, 1993
ASSETS
Investments $ 20,721,499 $ 29,637,447 $ 28,329,853 $ 5,753,987 $ 306,016 $ 18,443 $ -0- $ 84,767,245
Contributions
receivable 211,805 235,502 229,604 69,484 -0- -0- -0- 746,395
Employee loans
receivable -0- -0- -0- -0- -0- -0- 692,330 692,330
____________ ____________ ____________ ____________ ___________ ___________ ___________ ____________
NET ASSETS
AVAILABLE FOR
BENEFITS $ 20,933,304 $ 29,872,949 $ 28,559,457 $ 5,823,471 $ 306,016 $ 18,443 $ 692,330 $ 86,205,970
============ ============ ============ ============ ============ ============ ============ ============
DECEMBER 31, 1992
ASSETS
Investments $ 18,984,764 $ 21,277,250 $ 19,594,531 $ 4,328,533 $ 385,262 $ -0- $ -0- $ 64,570,340
Contributions
receivable 220,776 203,534 188,901 64,888 -0- -0- -0- 678,099
Employee loans
receivable -0- -0- -0- -0- -0- -0- 526,224 526,224
___________ ____________ ____________ ____________ ___________ ____________ ____________ ____________
NET ASSETS
AVAILABLE FOR
BENEFITS $ 19,205,540 $ 21,480,784 $ 19,783,432 $ 4,393,421 $ 385,262 $ -0- $ 526,224 $ 65,774,663
============ ============ ============ ============ ============ ============ ============ ============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN COMBINED AND INDIVIDUAL FUND NET ASSETS AVAILABLE FOR BENEFITS
NATIONAL STEEL CORPORATION
NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN
Fidelity Funds
_____________________________________________________
Retirement NII NII
Cash Equity Income Growth Intermediate Common Preferred Participant Combined
Reserves Fund Fund Bond Fund Stock Stock Loans Funds
____________ ____________ ____________ ____________ ___________ ___________ ___________ ____________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Funds
YEAR ENDED
DECEMBER 31, 1993
Additions:
Employee
contributions $ 3,776,749 $ 3,746,489 $ 3,623,185 $ 1,121,797 $ -0- $ -0- $ -0- $ 12,268,220
Interest and
dividend
income 574,170 1,037,478 2,623,989 400,384 -0- -0- -0- 4,636,021
Participant loans (180,249) (70,821) (107,969) (31,103) -0- -0- 390,142 -0-
Loan repayment
interest 15,377 13,663 15,921 2,276 -0- -0- -0- 47,237
Assets
transferred
from National
Steel Retirement
Savings Plan -0- -0- -0- 42,044 -0- -0- -0- 42,044
____________ ____________ ____________ ____________ ___________ ____________ ____________ ____________
Total additions 4,186,047 4,726,809 6,155,126 1,535,398 -0- -0- 390,142 16,993,522
Deductions:
Participant
withdrawals-
benefits 1,169,764 514,150 366,152 213,013 16,334 -0- 23,854 2,303,267
Participant loans
repayments (54,091) (58,422) (71,561) (16,108) -0- -0- 200,182 -0-
Administrative
expenses 19,966 10,408 4,744 4,036 -0- -0- -0- 39,154
Assets
transferred to
National Steel
Retirement
Savings Plan 157,693 67,209 102,731 -0- 15,709 -0- -0- 343,342
____________ ____________ ____________ ____________ ___________ ____________ ____________ ____________
Total deductions 1,293,332 533,345 402,066 200,941 32,043 -0- 224,036 2,685,763
Net interfund
transfers (1,164,951) 413,453 862,974 (54,629) (73,505) 16,658 -0- -0-
Net realized and
unrealized
appreciation in
fair value
of investments -0- 3,785,248 2,159,991 150,222 26,302 1,785 -0- 6,123,548
____________ ____________ ____________ ____________ ___________ ____________ ____________ ____________
NET ADDITIONS
(DEDUCTIONS) 1,727,764 8,392,165 8,776,025 1,430,050 (79,246) 18,443 166,106 20,431,307
Net assets
available for
benefits at
beginning
of year 19,205,540 21,480,784 19,783,432 4,393,421 385,262 -0- 526,224 65,774,663
NET ASSETS
AVAILABLE FOR
BENEFITS AT END
OF YEAR $ 20,933,304 $ 29,872,949 $ 28,559,457 $ 5,823,471 $ 306,016 $ 18,443 $ 692,330 $ 86,205,970
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN COMBINED AND INDIVIDUAL FUND NET ASSETS AVAILABLE FOR BENEFITS
NATIONAL STEEL CORPORATION
NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN
Fidelity Funds
_____________________________________________________
Retirement NII
Cash Equity Income Growth Intermediate Common Participant Combined
Reserves Fund Fund Bond Fund Stock Loans Funds
____________ ____________ ____________ ____________ ___________ ___________ ____________
<S> <C> <C> <C> <C> <C> <C> <C>
YEAR ENDED
DECEMBER 31, 1992
Additions:
Employee
contributions $ 3,809,047 $ 3,270,867 $ 2,767,810 $ 951,650 $ -0- $ -0- $ 10,799,374
Interest and
dividend income 684,949 731,696 3,300,173 302,801 -0- -0- 5,019,619
Participant loans (138,057) (88,782) (72,594) (3,873) -0- 303,306 -0-
Loan repayment
interest 29,436 8,067 (997) 2,135 -0- -0- 38,641
Assets transferred
from National
Steel Retirement
Savings Plan 5,367 -0- -0- -0- -0- -0- 5,367
____________ ____________ ____________ ____________ ____________ ____________ ____________
Total additions 4,390,742 3,921,848 5,994,392 1,252,713 -0- 303,306 15,863,001
============ ============ ============ ============ ============ ============ ============
Deductions:
Participant
withdrawals-
benefits 826,049 401,214 203,168 37,988 40,384 17,151 1,525,954
Participant loans
repayments (42,078) (31,903) (43,609) (7,581) -0- 125,171 -0-
Administrative
expenses 12,261 3,500 1,576 1,049 9 -0- 18,395
Assets
transferred to
National Steel
Retirement
Savings Plan -0- 46,498 37,197 20,375 242 -0- 104,312
____________ ____________ ____________ ____________ ____________ ____________ ____________
Total deductions 796,232 419,309 198,332 51,831 40,635 142,322 1,648,661
Net interfund
transfers (1,392,611) (265,521) 1,481,125 190,264 (13,257) -0- -0-
Net realized and
unrealized
appreciation
(depreciation)
in fair value of
investments -0- 1,846,977 (1,570,466) (69,782) (50,778) -0- 155,951
____________ ____________ ____________ ____________ ____________ ____________ ____________
NET ADDITIONS
(DEDUCTIONS) 2,201,899 5,083,995 5,706,719 1,321,364 (104,670) 160,984 14,370,291
Net assets
available for
benefits at
beginning
of year 17,003,641 16,396,789 14,076,713 3,072,057 489,932 365,240 51,404,372
____________ ____________ ____________ ____________ ____________ ____________ ____________
NET ASSETS
AVAILABLE FOR
BENEFITS AT
END OF YEAR $ 19,205,540 $ 21,480,784 $ 19,783,432 $ 4,393,421 $ 385,262 $ 526,224 $ 65,774,663
See notes to financial statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL STEEL CORPORATION
NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN
December 31, 1993 and 1992
NOTE A--SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION AND INCOME RECOGNITION
The fair value of the participation units ("shares") owned by the
National Steel Represented Employee Retirement Savings Plan (the "Plan")
in the Fidelity funds are based on the quoted redemption value on the
last business day of the Plan year. The investments in National
Intergroup, Inc. ("NII") Preferred and Common Stock are valued at the
last reported sales price on the last business day of the Plan year.
Employee loans receivable are valued at cost which approximates fair
value.
Interest income is recorded as earned based on the stated rate. Dividend
income is recorded on the ex-dividend date.
In accordance with the policy of stating investments at their fair market
value, net unrealized appreciation or depreciation for the year is
included in the statement of changes in combined and individual fund net
assets available for benefits.
NOTE B--DESCRIPTION OF THE PLAN
The Plan is a multi-employer defined contribution plan of National Steel
Corporation (the "Company") and certain Local Unions, collectively (the
"Employer"), which qualifies under Section 401(a) of the Internal Revenue
Code (the "Code"). The Plan was established effective January 1, 1987
and covers substantially all employees of the Company employed on a
permanent full time basis who are covered by a collective bargaining
agreement between the Company and certain Local Unions. Local Unions of
the following organizations have become eligible to participate in the
Plan:
- United Steelworkers of America
- United Plant Guard Workers of America
- International Chemical Workers
- International Union of Bricklayers and Allied Craftsmen
- International Hodcarriers
- Building and Common Laborers Union of America
NOTE B--DESCRIPTION OF THE PLAN - (CONTINUED)
Also covered under the Plan are certain local headquarters staff of the
above described Unions. Such employees of the Company and staff of the
Local Unions are participants in the Plan. The purpose of the Plan is to
permit participants to accumulate supplemental funds for retirement in
accordance with favorable provisions of the Code. The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
During the fourth quarter of each Plan year, all eligible employees are
permitted to elect to participate in the Plan or to change their current
level of participation effective as of the following January 1.
Individual accounts ("Accounts") are established for each of the
participants who may elect to allocate their contributions from
compensation derived from standard hourly wages among any of the four
Fidelity investment funds. Contributions must be equal to or greater
than one percent (1%) of the Participant's wages and may be increased in
multiples of one quarter of one percent (.25%) up to ten percent (10%) of
compensation. Compensation from the Company's profit sharing or
productivity gainsharing bonus plans may also be contributed to the
investment options in multiples of 5% up to 100% of such compensation.
Contributions from all sources must not exceed limitations set forth in
the Code. Investment election changes can be made on a quarterly basis
in accordance with Plan provisions. Contributions may be made as
before-tax contributions or rollover contributions as permitted by the
Code and as elected by the participants. All amounts contributed by
participants are at all times non-forfeitable and fully vested.
Administrative and trustee expenses consist of fees incurred by the
Plan's investment manager and participant account recordkeeper,
participant loans administration fees and the independent auditors. All
of these expenses are assumed by the Plan and equally allocated to
individual participant accounts except for the loan administration fees
which are charged to the participant receiving the loan. As of December
31, 1993, the outstanding loan balance was $692,330. Other
administrative costs associated with the Plan are assumed by the
Employer. See Note G regarding the ratification of a new labor
agreement.
Additional information about the Plan agreement and the vesting and
benefit provisions is contained in the pamphlet, Retirement Programs for
Represented Employees Summary Plan Description. Copies of the pamphlet
are available from the Human Resource Department.
NOTE C--INVESTMENTS
Under the terms of the Plan, participants may elect to invest in any of
the following Fidelity funds, maintain a previously elected investment in
NII Common Stock, or exchange NII Common Stock for NII Preferred Stock
administered by the trustee:
Cash Reserves--a money market fund which invests in U.S. government
and federal agency obligations, obligations of major banks,
federally insured instruments issued by smaller banks and savings
institutions, prime commercial paper, high grade corporate
obligations and qualified repurchase agreements.
Equity Income--a balanced fund which is heavily invested in
income-producing equity securities with the balance of the fund
invested in corporate convertible and nonconvertible debt
obligations and short-term treasury obligations.
Retirement Growth--a diversified fund seeking capital appreciation
which invests principally in common stock. The fund seeks capital
gains without regard to whether such gains qualify as long term
capital gains for federal tax purposes. Therefore, investment in
the fund is limited to tax qualified retirement plans and to tax
exempt organizations.
Intermediate Bond--an income fund that invests in high and upper
medium grade fixed income obligations, including corporate
obligations, U.S. government obligations, U.S. bank obligations and
prime commercial paper.
NII Common Stock--maintained in the Plan as a result of transfers
from the National Steel Retirement Savings Plan. NII stock is no
longer an investment option for future contributions or transfers of
existing funds invested in other options.
NII Preferred Stock--effective October 6, 1993, shares of NII Common
Stock could be exchanged for shares of NII Preferred Stock.
However, NII Preferred Stock is not an investment option for future
contributions or transfers of existing funds invested in other
options (except for NII Common Stock).
National Steel Class B Common Stock--under the terms of the new
labor agreement between the Company and the USWA, the Company's
Class B Common Stock will become an investment option effective
January 1, 1994.
NOTE C--INVESTMENTS - (CONTINUED)
Investments in the Fidelity funds, NII Preferred and Common Stock, and
participant loans at December 31, 1993 and 1992 were as follows:
SHARES COST MARKET
__________ ____________ ____________
December 31, 1993
Cash Reserves 20,721,499 $ 20,721,499 $ 20,721,499
Equity Income Fund 875,811 24,263,837 29,637,447
Retirement Growth Fund 1,561,734 26,196,767 28,329,853
Intermediate Bond Fund 533,765 5,588,545 5,753,987
NII Common Stock 23,096 598,602 306,016
NII Preferred Stock 595 16,658 18,443
Participant Loans 692,330 692,330
____________ ____________
$ 78,078,238 $ 85,459,575
============ ============
December 31, 1992
Cash Reserves 18,984,764 $ 18,984,764 $ 18,984,764
Equity Income Fund 733,445 19,435,741 21,277,250
Retirement Growth Fund
1,191,881 19,437,172 19,594,531
Intermediate Bond Fund 415,805 4,277,162 4,328,533
NII Common Stock 30,217 796,138 385,262
Participant Loans 526,224 526,224
____________ ____________
$ 63,457,201 $ 65,096,564
============ ============
NOTE D--NET APPRECIATION (DEPRECIATION) IN FAIR VALUE DURING THE YEAR
NET
APPRECIATION
(DEPRECIATION)
IN FAIR VALUE
DURING THE YEAR
_________________
Year Ended December 31, 1993
Equity Income Fund $ 3,785,248
Retirement Growth Fund 2,159,991
Intermediate Bond Fund 150,222
NII Common Stock 26,302
NII Preferred Stock 1,785
____________
Total $ 6,123,548
============
Year Ended December 31, 1992
Equity Income Fund $ 1,846,977
Retirement Growth Fund (1,570,466)
Intermediate Bond Fund (69,782)
NII Common Stock (50,778)
____________
Total $ 155,951
============
NOTE E--TRANSACTIONS WITH PARTIES-IN-INTEREST
Fees paid during the year for legal, accounting, and other services
rendered by parties-in-interest were based on customary and reasonable
rates for such services.
NOTE F--INCOME TAX STATUS
The Internal Revenue Service has ruled that the Plan qualifies under
Section 401(a) of the Code and is, therefore, not subject to tax under
present income tax law. The Plan is required to operate in conformity
with the Code to maintain its qualification. The Plan Administrator is
not aware of any course of action or series of events that have occurred
that might adversely affect the Plan's qualified status.
NOTE G--RATIFICATION OF LABOR AGREEMENT
On August 27, 1993, a new labor agreement between the Company and the
USWA was ratified by union members. The new six year agreement is
effective August 1, 1993 through July 31, 1999. Under the terms of the
new agreement, the following changes will be made to the Plan effective
January 1, 1994:
* Provide an additional Fidelity investment option
* Provide Company Common Stock as an investment option
* Provide for deferral into the Plan on a pre-tax basis lump sum
bonuses or Company stock paid to employees pursuant to the new labor
agreement
* Increase the maximum deferral rate to 15%
* Revise the loan provisions to allow loans for any reason that is in
accordance with governmental regulations
<TABLE>
<CAPTION>
ITEM 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT
NATIONAL STEEL CORPORATION
NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN
December 31, 1993
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSETS COST CURRENT VALUE
___________________________ _________________________________________ ____________ _______________
<S> <C> <C> <C>
Fidelity Management Trust Cash Reserves (20,721,499 Shares) $ 20,721,499 $ 20,721,499
Company
Equity Income Fund (875,811 Shares) 24,263,837 29,637,447
Retirement Growth Fund (1,561,734 Shares) 26,196,767 28,329,853
Intermediate Bond Fund (533,765 Shares) 5,588,545 5,753,987
NII Common Stock (23,096 Shares) 598,602 306,016
NII Preferred Stock (595 Shares) 16,658 18,443
Participant Loans (Principal amount of
$692,330 with interest ranging from
6.5% to 11%, due through December 1998) 692,330 692,330
____________ ____________
TOTALS $ 78,078,238 $ 85,459,575
============ ============
</TABLE>
<TABLE>
<CAPTION>
ITEM 27D--SCHEDULE OF TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF THE CURRENT VALUE OF PLAN ASSETS
NATIONAL STEEL CORPORATION
NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN
Year Ended December 31, 1993
DOLLAR DOLLAR
IDENTITY OF NUMBER OF NUMBER OF VALUE OF VALUE OF NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSET PURCHASES SALES PURCHASES SALES (LOSS)
______________________ __________________________ _________ _________ ___________ ___________ __________
<S> <C> <C> <C> <C> <C> <C>
Category (i) None
Category (ii) None
Category (iii)
Fidelity Management Cash Reserves 228 225 $ 8,454,575 $ 6,717,840 $ -0-
Trust Company
Equity Income Fund 212 160 6,737,473 2,162,524 253,147
Retirement Growth Fund 232 177 11,504,180 4,928,849 184,264
Intermediate Bond Fund 172 126 2,723,889 1,448,657 36,151
Category (iv) None
</TABLE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange
Act of 1934, the Administrative Committee has duly caused this
annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
NATIONAL STEEL REPRESENTED
EMPLOYEE RETIREMENT SAVINGS PLAN
Date: June 30, 1994 By: /s/ James L. Wainscott
________________________
James L. Wainscott
Treasurer and Assistant
Secretary
/s/ Carl M. Apel
________________________
Carl M. Apel
Corporate Controller,
Accounting and Assistant
Secretary
EXHIBIT INDEX
Exhibit Description Page
23 Consent of Independent Auditors 18
EXHIBIT 23
CONSENT OF ERNST & YOUNG, INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-51087) pertaining to the National Steel
Represented Employee Retirement Savings Plan of our report dated May
27, 1994, with respect to the financial statements of the National
Steel Represented Employee Retirement Savings Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1993.
Ernst & Young
Fort Wayne, IN
June 28, 1994
