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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): October 15, 1998
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, 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 issued a press release on October 15, 1998 announcing
that a blast furnace at its Great Lakes Division would be idled indefinitely
beginning next week. 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 October 15, 1998.
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: October 20, 1998 By: /s/Glenn H. Gage
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Glenn H. Gage
Senior Vice President and Chief Financial
Officer
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Exhibit 99.1
News Release
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Media Contact: Clarence Ehlers
(219) 273-7327
Analyst/Investor Contact: Joseph A. Rainis
(219) 273-7158
NATIONAL STEEL ANNOUNCES IDLING OF BLAST FURNACE
Mishawaka, IN, October 15, 1998--National Steel Corporation (NYSE:NS) today
announced that a blast furnace at its Great Lakes Division would be idled
indefinitely beginning next week. This decision was based on an assessment of
the current market situation and, in particular, the enormous increase in
imports entering the United States in recent months.
Despite strong demand, the surge in low-priced imports has caused dramatic
declines in the price of steel products, with the spot price for hot rolled
steel down by $50 per ton, or 16 percent, since July. The reduction in prices
and orders caused by imports makes it economically infeasible to operate at
previous levels of capacity. This situation is likely to continue until the
trend in low-priced foreign imports has been reversed and inventories of
imported steel have been brought down to more normal levels. The Company will
continue to monitor the import situation.
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, 1997.
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 9,400 people.
