SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
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National Steel Corporation
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(Name of Issuer)
Common Stock = $.01 par value
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(Title of Class of Securities)
637844309
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
<PAGE>
CUSIP No. 637844309 13G Page 2 of 7 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Crabbe Huson Equity Fund
93-0984694
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 494,700
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
494,700
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
494,700
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
X
---
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.14
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12 TYPE OF REPORTING PERSON*
IV
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 637844309 13G Page 3 of 7 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Crabbe Huson Asset Allocation Fund
93-0984695
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 82,800
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
82,800
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
82,800
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
X
---
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.19
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IV
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 637844309 13G Page 4 of 7 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Crabbe Huson Group, Inc.
93-0768238
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Oregon
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 3,018,600
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,018,600
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,018,600
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
X
---
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.97
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Item 1. (a) Name of Issuer:
National Steel Corporation, a Delaware Corporation.
(b) Address of Issuer's Principal Executive Offices:
4100 Edison Lakes Parkway, Mishawaka, IN 46545-3440
Item 2. (a) Name of Person Filing:
The Crabbe Huson Equity Fund, The Crabbe Huson Asset
Allocation Fund, and The Crabbe Huson Group, Inc.
(b) Address of Principal Business Office:
121 SW Morrison, Suite 1400, Portland, OR 97204
(c) Citizenship:
The Crabbe Huson Group, Inc. is an Oregon Corporation.
The Crabbe Huson Asset Allocation Fund and The Crabbe Huson
Equity Fund are a separate series of the Crabbe Huson Funds,
a Delaware Business Trust.
(d) Title of Class of Securities:
Common Stock, par value $.01 per share
(e) CUSIP Number:
637844309
Item 3.
The Crabbe Huson Equity Fund and the Crabbe Huson Asset Allocation Fund are
registered under the Investment Company Act of 1940 as open-ended investment
companies. The Crabbe Huson Group, Inc. is registered under the Investment
Advisors Act of 1940 as an investment advisor.
Item 4. Ownership.
(a) & (b) The aggregate number of shares owned beneficially by the
reporting person is 3,596,100, representing 8.30% of the outstanding common
shares.
(c) The aggegate number of shares of the Issuer beneficially owned by each
reporting person is set forth below:
The Crabbe Huson Asset Allocation Fund, Inc. directly owns 82,800 shares of the
Issuer representing .19% of the outstanding shares. It shares voting and
dispositive power with its investment advisor, The Crabbe Huson Group, Inc.
The Crabbe Huson Equity Fund directly owns 494,700 shares of the Issuer
representing 1.14% of the outstanding shares. It shares voting and dispositive
power with its investment advisor, The Crabbe Huson Group, Inc.
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<PAGE>
The Crabbe Huson Group, Inc. does not directly own any shares of the Issuer. It
shares voting and dispositive power with the investment companies for whom it
serves as investment advisor. The investment companies directly own 577,500
shares of the Issuer representing 1.33% of the outstanding shares. The Crabbe
Huson Group, Inc. also shares voting and dispositive power with approximately
sixty-five investors for whom it serves as investment advisor. The investors
directly own 3,018,600 shares of the Issuer representing 6.97% of the
outstanding shares. In total, the investment company and investors own 3,596,100
shares of the Issuer representing 8.30% of the outstanding shares.
0tem 5. Not applicable.
Item 6. Not applicable.
Item 7. Not applicable.
Item 8.
Each reporting person disclaims beneficial ownership of all shares owned by
each other reporting person. The filing of this statement is not to be construed
as an admission that any reporting person is the beneficial owner of any
securities covered by this statement.
The reporting persons may be deemed to have formed a "group" within the
meaning of Rule 13d-5(b)(1). If the reporting persons have formed a group, the
group would beneficially own 3,596,100 common shares representing 8.30% of the
outstanding shares of the Issuer. Each reporting person disclaims that a group
has been or will be formed.
Item 9. Not applicable.
Item 10.
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transaction having such
purpose or effect.
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<PAGE>
Signature.
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: February 7, 1997
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The Crabbe Huson Equity Fund The Crabbe Huson Group, Inc.
/s/Richard S. Huson /s/Richard S. Huson
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Richard S. Huson Richard S. Huson
President Vice President
The Crabbe Huson Asset Allocation Fund
/s/Richard S. Huson
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Richard S. Huson
President
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