<PAGE>
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): April 18, 1997
NATIONAL STEEL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction incorporation)
1-983 25-0687210
(Commission File Number) (IRS Employer Identification No.)
4100 Edison Lakes Parkway, Mishawaka, IN 46545-3440
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 219-273-7000
<PAGE>
ITEM 5. OTHER EVENTS
National Steel Corporation issued a press release on April 18, 1997 announcing
that it has reached an agreement in principle to sell its coke oven battery at
its Great Lakes Division and other related assets, including coal inventories to
a subsidiary of DTE Energy Company. A copy of this press release is attached
hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99.1 Press release dated April 18, 1997.
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
Date: April 28, 1997 By: /s/ Carl M. Apel
----------------------------
Carl M. Apel
Vice President-Finance
<PAGE>
Exhibit 99.1
[LETTERHEAD OF NATIONAL STEEL]
News Release
- ------------
Media Contact: Leon L. Judd
(219) 273-7631
Analyst/Investor Contact: Joseph A. Rainis
(219) 273-7158
NATIONAL STEEL ANNOUNCES PROPOSED SALE OF COKE
OVEN BATTERY
Mishawaka, IN, April 18, 1997--National Steel Corporation (NYSE:NS) announced
today it has reached an agreement in principle to sell its coke oven battery at
its Great Lakes Division and other related assets, including coal inventories,
to a subsidiary of DTE Energy Co. National Steel has agreed to continue to
operate and maintain the coke oven battery on a contract basis, and will be
obligated to buy the majority of the coke produced at the facility over the next
12 years, to the extent of its requirements.
National Steel expects to receive unrestricted proceeds of approximately $225
million from this transaction, plus the value of the coal inventory. Although
this transaction will result in an after-tax loss of approximately $25 million,
the impact on future earnings is expected to be positive. Approximately $157
million of the proceeds will be used to strengthen National Steel's balance
sheet by repaying the outstanding indebtedness on the coke battery. The Company
is evaluating alternatives with respect to its use of the remaining proceeds
from this transaction.
The sale is subject to the parties reaching a definitive agreement on all
aspects of the transaction as well as customary regulatory review and approval
of both companies' Boards of Directors.
All statements contained in this press release, other than historical
information, are forward-looking statements. A variety of factors could cause
business conditions and the Company's actual results and experience to differ
materially from those expected by the Company or expressed in the Company's
forward-looking statements. Additional information concerning these factors is
available in the Company's most recent Annual Report and Form 10-K for the year
ended December 31, 1996.
Headquartered in Mishawaka, Indiana, National is the nation's fourth largest
integrated steel company, with annual shipments of approximately six million
tons of flat rolled products. National employs approximately 9,500 people.
