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UNITED STATES
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): April 15, 1999 (April 13,
1999)
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 April 13, 1999 announcing
that it has purchased the remaining interest in ProCoil Corporation from
Marubeni Corporation. 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 April 13, 1999.
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: April 15, 1999 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 PURCHASES REMAINING INTEREST IN PROCOIL
Mishawaka, IN, April 13, 1999 - National Steel Corporation (NYSE: NS) today
announced that it has purchased the remaining interest in ProCoil Corporation
from Marubeni Corporation. Prior to this transaction, ProCoil had been a joint
venture with National Steel owning a 56% equity interest and Marubeni the
remaining 44% equity interest.
ProCoil operates a steel processing facility which began operations in 1988.
National Steel ships approximately 250,000 tons per year to this facility.
ProCoil blanks, slits, and cuts steel coils to desired lengths to service
automotive market customers and, beginning this year, will also provide laser
welding services. In addition, ProCoil warehouses material to assist National
Steel in providing just-in-time delivery to customers.
The purchase of the remaining shares of ProCoil is intended to be another step
in National Steel's strategy to get closer to its end user customers and is
expected to increase customer focus and expedite decision making.
"This change in ownership will further enhance our automotive advantage," said
Thomas A. Baird, Vice President Automotive and Container Sales. "It will
increase our ability to control costs, improve our product quality and make very
good use of a climate controlled warehouse facility to improve delivery and
service to our automotive customers," concluded Baird.
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, 1998.
Headquartered in Mishawaka, Indiana, National Steel Corporation is the nation's
fourth largest integrated steel company, with annual shipments of approximately
six million tons of flat-rolled products. National Steel employs approximately
9,200 employees. Visit National Steel's website at: www.nationalsteel.com.
