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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): SEPTEMBER 23, 1998
J&L SPECIALTY STEEL, INC.
(Exact name of registrant as specified in its charter)
Commission file number 1-11126-60
PENNSYLVANIA 25-1564186
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation of organization)
P.O. BOX 3373
ONE PPG PLACE, PITTSBURGH, PA 15230-3373
(Address of principal executive offices) (Zip code)
412-338-1600
(Registrant's telephone number, including area code)
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Item 7 Financial Statements and Exhibits
(c) Exhibits
99 Press Release dated September 23, 1998.
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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.
J&L SPECIALTY STEEL, INC.
(Registrant)
/s/ KIRK F. VINCENT
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Kirk F. Vincent
Executive Vice President, Finance and
Administration and Chief Financial Officer
(Principal financial officer and duly
authorized signatory)
Dated: September 23, 1998
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Exhibit 99
P.O. BOX 3373
One PPG Place
Pittsburgh, PA 15230-3373
Media Contact:
Jim Leonard
(412) 338-1736
Investor Contact:
J. Scott Keller
(412) 338-1708
FOR IMMEDIATE RELEASE
USINOR MAKES OFFER FOR J&L
Pittsburgh September 23, 1998--J&L Specialty Steel, Inc. (NYSE JL)
announced today that Usinor, a French corporation and owner of approximately
53% of J&L's stock, has made a cash merger proposal to the Board of Directors
of J&L whereby it would acquire the remaining outstanding shares of J&L stock
at $5.75 per share. Currently J&L has 38,763,000 shares of common stock
outstanding; 20,730,000 of which are owned by Usinor and 18,033,000 of which
are owned by other shareholders. After the proposed acquisition, J&L would
become a wholly-owned subsidiary of Usinor.
J&L's Board of Directors has established a committee of independent
directors to evaluate and report on the fairness of the Usinor offer. This
committee, which is comprised entirely of directors who are not employees of
either J&L or Usinor, intends to issue its report to the full Board of
Directors of J&L by the end of October.
J&L Specialty Steel is a leading manufacturer of flat rolled stainless
steel products. The company is headquartered in Pittsburgh, PA, with plants
located in Midland, PA, Louisville, OH and Detroit, MI.
