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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): January 25, 1999
INLAND STEEL INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-9117 36-3425828
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
30 West Monroe Street
Chicago, Illinois 60603
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including are code: (312) 346-0300
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
The Press Release dated January 25, 1999 attached hereto as Exhibit 99.1 is
incorporated herein by reference in answer to this Item 5.
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SIGNATURES
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 thereunto duly authorized.
Dated: January 27, 1999 INLAND STEEL INDUSTRIES, INC.
By: /s/ Vicki L. Avril
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Vicki L. Avril
Vice President - Finance and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release dated January 25, 1999
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EXHIBIT 99.1
Inland Steel Industries, Inc.
30 West Monroe Street
Chicago, Illinois 60603
Inland Steel Industries, Inc. News Release
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For additional information: Patrick J. Unzicker
773-762-2153 x3206
For Immediate Release
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Inland Steel Industries Reports Fourth Quarter and 1998 Results
Chicago, IL (January 25, 1999) - Inland Steel Industries, Inc. (NYSE: IAD),
today reported net income of $11.1 million, or $.46 per diluted share, for the
quarter ended December 31, 1998. The company earned $5.6 million, or $.22 per
diluted share, from continuing operations. During the quarter, the company
recognized an extraordinary after-tax loss of $10.1 million from the early
retirement of its ESOP notes.
For the full year 1998, net income totaled $550.9 million or $13.02 per
diluted share. The company earned $47.7 million, or $.99 per diluted share,
from continuing operations and $13.8 million from discontinued operations, or
$.33 on a diluted per share basis. In 1998, the company realized a $510.8
million after-tax gain from the July 16, 1998, sale of its wholly owned steel
manufacturing subsidiary, Inland Steel Company. In addition, Inland recognized
an extraordinary after-tax loss of $21.4 million from the early retirement of
the 10.23% subordinated voting note and ESOP notes.
During the quarter and in connection with the early retirement of the
company's ESOP notes, the company also redeemed its remaining 1.8 million shares
of Series E Preferred Stock. The debt retirement and preferred share redemption
totaled $130.5 million.
###
Inland Steel Industries is the holder of stock representing approximately 87% of
the economic interest in Ryerson Tull, Inc. (NYSE: RT) which is, in turn, the
sole stockholder of Joseph T. Ryerson & Son, Inc. and J.M. Tull Metals Company,
Inc. Ryerson and Tull are leading steel service, distribution and materials
processing organizations. Ryerson Tull, Inc. is the largest metals service
center in the United States based on revenues, with 1998 sales of $2.8 billion
and a current U.S. market share of approximately 10%, based on Ryerson Tull,
Inc.'s analysis of data prepared by the Steel Service Center Institute. Ryerson
Tull, Inc. distributes and processes metals and other materials throughout the
continental United States.
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INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
Selected Income Data - Unaudited
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(Dollars and Shares in Thousands)
<TABLE>
<CAPTION>
1998 Year Ended
------------------------------ 1997 December 31
Fourth Third Fourth ---------------------------
Quarter Quarter Quarter 1998 1997
----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
NET SALES $628,469 $688,503 $686,652 $2,782,744 $2,803,980
Cost of materials sold 489,069 539,107 528,227 2,156,992 2,177,956
----------- ----------- ----------- ------------ ------------
Gross profit 139,400 149,396 158,425 625,752 626,024
Operating expenses 128,776 121,486 127,028 502,490 483,033
Depreciation and amortization 7,761 8,606 6,438 33,179 27,698
Gain on sale of assets (5,899) -- -- (5,899) (8,929)
Pension curtailment gain -- -- (8,900) -- (8,900)
----------- ----------- ----------- ------------ ------------
OPERATING PROFIT 8,762 19,304 33,859 95,982 133,122
Other revenue and expense,
including interest income 2,288 7,467 5,462 20,599 26,723
Interest and other expense on debt (6,156) (8,162) (9,749) (33,563) (40,341)
----------- ----------- ----------- ------------ ------------
INCOME BEFORE INCOME TAXES 4,894 18,609 29,572 83,018 119,504
Provision for income taxes (562) 7,924 11,706 30,610 46,577
----------- ----------- ----------- ------------ ------------
INCOME BEFORE MINORITY INTEREST 5,456 10,685 17,866 52,408 72,927
Minority interest in Ryerson Tull, Inc. (184) 644 2,125 4,730 8,442
----------- ----------- ----------- ------------ ------------
INCOME FROM CONTINUING OPERATIONS 5,640 10,041 15,741 47,678 64,485
Discontinued operations (net of tax):
Income (loss) from operations -- (4,355) 1,926 13,836 54,796
Gain on sale 15,570 495,221 -- 510,791 --
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INCOME BEFORE EXTRAORDINARY LOSS 21,210 500,907 17,667 572,305 119,281
Extraordinary loss on early
retirement of debt (10,144) (11,237) -- (21,381) --
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NET INCOME $11,066 $489,670 $17,667 $550,924 $119,281
=========== =========== =========== ============ ============
INCOME PER SHARE OF COMMON STOCK
Basic $0.47 $12.72 $0.31 $13.79 $2.25
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Diluted $0.46 $12.02 $0.30 $13.02 $2.13
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Dividends on preferred stock $759 $1,650 $2,280 $6,952 $9,126
Net income applicable to common stock $10,307 $488,020 $15,387 $543,972 $110,155
Average shares of common stock 21,796 38,373 48,932 39,449 48,887
</TABLE>
