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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 31, 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
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ITEM 5. OTHER EVENTS
National Steel Corporation ("NSC") issued a press release on January 31, 1997
announcing that it has entered into a definitive agreement with Bethlehem Steel
Corporation ("BSC") and North Limited ("North"), pursuant to which NSC and BSC
will sell to North their respective minority equity interests in Iron Ore
Company of Canada.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
99.1 Press release dated January 31, 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: January 31, 1997 By: /s/ William E. McDonough
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William E. McDonough
Acting Chief Financial Officer and
Treasurer
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EXHIBIT 99.1
[LETTERHEAD OF NATIONAL STEEL]
News Release
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Media Contact: Leon L. Judd
(219) 273-7631
Analyst/Investor Contact: Joseph A. Rainis
(219) 273-7158
NATIONAL STEEL TO SELL INTEREST IN IRON ORE COMPANY OF CANADA
Mishawaka, IN, January 31, 1997--National Steel Corporation (NYSE:NS) announced
today it has entered into a definitive agreement with North Limited and
Bethlehem Steel Corporation, pursuant to which National ("the Company") and
Bethlehem will sell to North their respective minority equity interests in Iron
Ore Company of Canada ("IOC"). National, which owns 21.7% of the shares of IOC,
will receive approximately $85 million in proceeds in exchange for its shares
and realize an after-tax gain of approximately $25 million. National will
continue to purchase iron ore from IOC under the terms of long-term contracts.
The transaction is subject to approval by the other shareholders of IOC and
customary governmental approvals. Closing of the transaction is presently
expected to occur late in the first quarter of 1997.
National intends to utilize the net sale proceeds to further strengthen its
balance sheet and is evaluating alternatives.
J.P. Morgan & Co. acted as financial advisor to National and Bethlehem in
connection with this transaction.
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 report on Form 10-Q for the quarter ended
September 30, 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.
