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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): September 2, 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 September 2, 1998
announcing the issuance of Consent Judgments by the Michigan Tax Tribunals. 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 September 2, 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: September 4, 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 SETTLEMENT OF TAX DISPUTE
Mishawaka, IN, September 2, 1998--National Steel Corporation (NYSE: NS) today
announced that the Michigan Tax Tribunal issued Consent Judgments on August 31,
1998 pursuant to agreements previously reached with Wayne County, the City of
Ecorse and the City of River Rouge, settling long-standing property tax
challenges by the Company.
The settlements, reached after years of complex, extensive legal actions,
recognize the validity of the Company's claims that its property has been
overassessed and avoid additional levies by the Cities and the County.
Pursuant to the Consent Judgments, the Company will receive tax refunds as well
as a lower assessment base that will result in future tax savings. The Company
expects to receive approximately $23 million in cash based upon these Consent
Judgments and settlements. These proceeds will be recorded in the third quarter
of 1998.
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-K for the year ended December 31, 1997 and the
Form 10-Q for the quarter ended June 30, 1998.
Headquartered in Mishawaka, Indiana, National Steel 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. Visit National Steel's website at: www.nationalsteel.com.
