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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 22, 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 22, 1998 announcing
that the Company broke ground for a new Continuous Galvanizing Line at its Great
Lakes Division. 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 22, 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 28, 1998 By: /s/ Glenn H. Gage
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Glenn H. Gage
Senior Vice President and Chief Financial
Officer
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News Release
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Media Contact: Clarence Ehlers
(219) 273-7327
Analyst/Investor Contact: Joseph A. Rainis
(219) 273-7158
NATIONAL STEEL BREAKS GROUND FOR $150 MILLION
COATING LINE
Ecorse, MI, October 22, 1998 National Steel Corporation (NYSE:NS) broke ground
today for a new Continuous Galvanizing Line at its Great Lakes Division in
Ecorse. The $150 million facility will allow National to ship an additional
450,000 tons of exposed galvanized and galvanneal steel products annually for
its automotive customers.
"The addition of this new line at our Great Lakes facility demonstrates the
commitment National Steel is making to the automotive industry," said John
Maczuzak, National's President and Chief Operating Officer. "It enhances
National Steel's position as the leader in terms of facilities and services in
the Detroit area that provide an advantage for our customers."
The Continuous Galvanizing Line will process cold rolled strip steel into a
final zinc coated product by the hot dip process on a fully continuous basis.
It will produce high-quality automotive products in widths from 28" to 73" and
gauges from .018" to .080." The line is expected to be operational in the first
quarter of the year 2000. The project will create approximately 300
construction jobs and will positively impact the Company's major purchases in
the surrounding communities.
Yutaka Tanaka, 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 that assisted in the Company's decision to
build the line in Ecorse.
Mr. Tanaka also praised the United Steelworkers of America for an agreement that
will permit National to efficiently operate and maintain the new facility.
"The addition of this line continues our strategy of shifting more production
into higher-margin, value-added products," Mr. Tanaka said. "The facility will
bring National's total value-added coated capacity, including tin mill products,
to more than 3.5 million tons annually.
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 June 30, 1998.
Headquartered in Mishawaka, Indiana, National Steel is the fourth largest
integrated steel company in the United States, with annual 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.
