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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): March 22, 1999
NORTHWESTERN STEEL AND WIRE COMPANY
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(Exact name of registrant as specified in its charter.)
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<S> <C> <C>
Illinois 0-21556 36-1562920
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
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121 Wallace Street, Sterling, Illinois 61081
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code (815) 625-2500
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ITEM 5. OTHER EVENTS
On March 22, 1999 the Company and the United Steelworkers of America
(USWA) today announced the ratification of the new negotiated labor agreement by
the USWA Local 63 membership. The text of the Company's press release is filed
herewith. See Item 7.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
20 OTHER DOCUMENTS OR STATEMENTS TO SECURITY HOLDERS
20.1 Press release dated March 22, 1999 Filed herewith
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this reported to be signed on its behalf by
the undersigned hereunto duly authorized.
NORTHWESTERN STEEL AND WIRE COMPANY
DATE: March 23, 1999 By: /s/ Thomas M. Vercillo
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Thomas M. Vercillo
Title: Chief Financial Officer
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NEWS NORTHWESTERN
RELEASE STEEL AND WIRE COMPANY
121 WALLACE STREET, STERLING, ILLINOIS 61081
FOR IMMEDIATE RELEASE CONTACT: ANDREW R. MOORE
815/625-2500
EXT. 2280
NORTHWESTERN STEEL AND WIRE COMPANY
AND THE UNITED STEELWORKERS OF AMERICA
ANNOUNCE RATIFICATION OF LABOR AGREEMENT
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Sterling, Illinois - March 22, 1999 - Northwestern Steel and Wire Company
(Nasdaq:NWSW) and the United Steelworkers of America (USWA) today announced the
ratification of a new negotiated labor agreement by the USWA Local 63
membership, which covers approximately 1,400 employees. The new agreement is
subject to the Company securing the financing necessary to construct a new
structural mill. Once effective, it will replace the existing labor agreement
and will extend to October 31, 2003. The agreement provides significant manpower
utilization methods that will enable the Company to more efficiently staff and
schedule its operations. It also includes annual wage increases with additional
increases based upon meeting certain Company financial performance targets.
Mr. Frederick J. Rocchio, Jr., President and Chief Executive Officer,
Northwestern Steel and Wire Company, stated, "The Company and Union worked
together in a cooperative effort to achieve an agreement that would insure the
long term success of Northwestern. I am extremely pleased with the support
demonstrated by the employees in the ratification of the labor agreement. This
agreement sets the stage for Northwestern Steel and Wire to retain its status as
the `Original Mini-Mill.' We will now focus our efforts on obtaining the
financing necessary to accomplish our goals."
Art Gillihan, President, United Steelworkers of America, Local 63, added,
"We are very pleased that the contract has been ratified. We are looking forward
to the Company and Union working together in partnership to insure the growth of
Northwestern."
Founded in 1879, the Company is a major mini-mill producer of structural
steel components that include wide flange beams, channels, angles and merchant
bars, as well as rod and selected wire products. The structural products are
used in a wide variety of commercial, industrial and residential construction
applications.
