SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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): January 10, 1994
NATIONAL STEEL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
State or other jurisdiction of incorporation)
1-983 25-0687210
(Commission File Number) (IRS Employer
Identification No.)
4100 EDISON LAKES PARKWAY, MISHAWAKA, INDIANA 46545-3440
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (219) 273-7000
ITEM 5. OTHER EVENTS
National Steel Corporation issued a press release on
January 10, 1994 announcing that it anticipates recording
fourth quarter adjustments which are expected to range
between $120-$135 million.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
28.1 Press release dated January 10, 1994.
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.
NATIONAL STEEL CORPORATION
By: /s/ Richard E. Newsted
Richard E. Newsted
Vice President, Chief Financial
Officer and Secretary
EXHIBIT INDEX
Exhibit Description Page
28.1 Press Release dated January 10, 1994 5
MEDIA CONTACT: ROBERT R. TOOTHMAN
(219) 273-7552 OR (412) 391-1469
ANALYST CONTACT: JOSEPH A. RAINIS
(219) 273-7158
NATIONAL STEEL CORPORATION ANTICIPATES
RECORDING ADJUSTMENT OF $120-$135 MILLION
Mishawaka, IN, January 10, 1994 -- National Steel Corporation s
(NYSE: NS) Vice President and Chief Financial Officer, Richard E.
Newsted, said today that the corporation anticipates recording
fourth quarter adjustments which are expected to range between
$120-$135 million.
The largest portion of these adjustments, approximately $90-100
million, relates to the recognition of certain liabilities
resulting from the corporation s intention to temporarily idle
National Steel Pellet Company, a wholly-owned subsidiary.
Mr. Newsted also noted two other planned adjustments that would
have a lesser financial impact:
* A LIFO inventory adjustment of approximately $15
million caused by the depletion of higher cost iron ore
pellet inventory levels resulting from the temporary
idling of National Steel Pellet Company, along with the
shift in cost and mix of the corporation s steel
inventory levels; and
* Early adoption of Statement of Financial Accounting
Standards No. 112, Employers Accounting for
Postemployment Benefits of $15-20 million.
Finally, Mr. Newsted said the corporation will lower the discount
rate used to calculate its pension liabilities to 7.50% from
8.75% in order to reflect the current interest rate environment.
He said the discount rate adjustment would have no impact on
National s income statement and could minimally impact
shareholders equity.
The company intends to announce its 1993 results on or about
January 26, 1994.
National is the nation s fourth largest integrated steel producer
with annual shipments of about 5 million tons of flat rolled
products. The company has steel mills in Ecorse, Michigan, near
Detroit; Granite City, Illinois, near St. Louis; and Portage
Indiana, near Chicago. The company is headquartered in
Mishawaka, Indiana, and employs about 10,000 people.
