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Exhibit 99.1
[LETTERHEAD OF NATIONAL STEEL]
NEWS RELEASE
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Media Contact: Clarence J. Ehlers
(219) 273-7327
Analyst and Joseph A. Rainis
Investor Contact: (219) 273-7158
NATIONAL STEEL SELLS INTEREST IN PRESQUE ISLE
Mishawaka, IN, July 5, 2000 - National Steel Corporation (NYSE: NS) today
announced that it has sold its 30.0% ownership in the Presque Isle Corporation
to the Lafarge Corporation, North America's largest diversified supplier of
construction materials. National Steel expects to use the proceeds from the
sale for general corporate purposes.
Presque Isle Corporation operates a limestone quarry on the shoreline of Lake
Huron. The company was formed in 1953 as a joint venture between LTV Steel
Company, Inc., Bethlehem Steel Corporation and National Steel Corporation. Both
LTV and Bethlehem have also agreed to sell their interest in Presque Isle
Corporation to Lafarge.
"The sale of Presque Isle continues our strategy of focusing on our core steel
operations," said John A. Maczuzak, president and chief operating officer of
National Steel Corporation. The Company expects to book a gain of approximately
$15 million during the second quarter of 2000.
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, 1999.
Headquartered in Mishawaka, Indiana, National Steel Corporation is one of the
nation's largest producers of carbon flat-rolled steel products, with annual
shipments of approximately six million tons. National Steel employs
approximately 9,200 employees. Visit National Steel's website at:
www.nationalsteel.com.
