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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): June 18, 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 June 18, 1998 announcing
that it will build a new automotive coating line at its Great Lakes Division in
Ecorse, Michigan. 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 June 18, 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: June 19, 1998 By: /s/ John A. Maczuzak
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John A. Maczuzak
President and Chief Operating Officer
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Exhibit 99.1
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 SELECTS GREAT LAKES DIVISION IN ECORSE
MICHIGAN AS SITE OF NEW AUTOMOTIVE COATING LINE
Mishawaka, IN, June 18, 1998 -- National Steel Corporation (NYSE:NS) announced
today that it will build a new coating line at its Great Lakes Division in
Ecorse, Michigan. The new line will produce additional exposed quality
galvanized and galvanneal products for its automotive customers. National had
considered more than 40 "greenfield" sites in the Midwest before settling on
its Great Lakes Division.
Construction of a new coating line was approved by National's Board of Directors
as reported in a press release dated April 29, 1998. The site selection was
contingent upon favorable negotiations with State and Local governments as well
as the United Steelworkers of America.
"The agreement with the United Steelworkers of America will permit us to
efficiently operate and maintain this new facility," said John Maczuzak,
National's President and Chief Operating Officer.
Mr. Osamu Sawaragi, Chairman and Chief Executive Officer of National Steel,
praised officials of Ecorse, Wayne County and the Michigan Jobs Commission for
assembling a package of incentives, including a property tax abatement, that
contributed substantially to the company's decision to build the line in Ecorse.
"The addition of this line continues our strategy of shifting more production
into higher-margin, value-added products," Mr. Sawaragi said.
The addition of this new line continues to demonstrate the commitment National
Steel has made to the automotive industry. "We have an automotive advantage by
being physically located in the Detroit area, close to our customers, and this
investment continues to demonstrate our dedication to providing the very best
products to the market place," said Carole Corey, Vice President Marketing and
Sales.
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Exhibit 99.1
The new facility will employ state-of-the-art technology. It will be able to
produce approximately 500,000 tons of high-quality automotive products annually,
in widths from 28" to 72" and in gauges from .018" to .080."
National Steel is proceeding with engineering and vendor selections. The line is
expected to be operational in the first quarter of the year 2000 and the project
will create about 300 construction jobs. This new line will create
approximately 75 new positions for the Great Lakes facility and will positively
impact the company's major purchases in the surrounding communities.
The facility will bring National's total value added coated product capacity,
including tin mill products, to more than 3.5 million tons annually. This
includes the company's capacity from two joint ventures.
All statements contained in this 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 Form 10-Q for the quarter ended March 3l, 1998.
Headquartered in Mishawaka, Indiana, National Steel is the fourth largest
integrated steel company in the United States, with shipments of approximately
six million tons of flat-rolled products. National Steel employs approximately
9,400 people. Visit National Steel's website at: www.nationalsteel.com.
