<PAGE>
Exhibit EX99.1
[LETTERHEAD OF NATIONAL STEEL CORPORATION]
NEWS RELEASE
------------
Media Contact: Clarence J. Ehlers
(219) 273-7327
Analyst and Joseph A. Rainis
Investor Contact: (219) 273-7158
NATIONAL STEEL COMMENTS ON THIRD QUARTER OUTLOOK
Mishawaka, IN, September 11, 2000 - National Steel Corporation (NYSE: NS) today
announced that it expects third quarter shipments, revenues and earnings to be
lower compared to its most recent second quarter and the third quarter of last
year, as well as below the current analysts' estimates. The net loss for the
quarter is now expected to be in the range of $1.50 to $1.60 per share as
compared to a current analyst consensus of a loss of $0.65 per share.
Shipments and revenues will be below earlier forecasts due to a continued
weakening in the demand for steel in the markets that we serve brought about by
high levels of steel imports into the U.S. and high inventory levels at many of
our customers. This oversupply of steel has caused a dramatic decrease in the
spot market price for steel. Costs in the current quarter have been impacted by
approximately $20 million for previously announced planned maintenance outages
including a blast furnace reline at the Great Lakes operations.
Final results for the third quarter are expected to be released on Wednesday,
October 25, 2000. This will be followed by an open conference call to discuss
the third quarter results and near term outlook.
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.
