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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): May 15, 1999
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GULF STATES STEEL, INC. OF ALABAMA
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(Exact name of registrant as specified in its charter)
Alabama 33-92496 63-1141013
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
174 South 26th Street, Gadsden, Alabama 35904-1935
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (256) 543-6100
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Item 5. Other Events.
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As previously indicated in its Current Report on Form 8-K, dated April 19,
1999, the Registrant was unable to make the interest payment on its 13 1/2%
Series B First Mortgage Notes Due 2003 (the "Notes") on May 15, 1999, which date
represented the expiration of the 30-day cure period from the original interest
payment date of April 15, 1999.
The Registrant continues its confidential discussions with a representative
committee of Noteholders covering the full range of financial restructuring
alternatives and obtaining consent to additional borrowings. The committee has
indicated to the Registrant that it has no present intention of accelerating
the Notes.
The default also caused a cross default under the Registrant's working
capital line of credit with Fleet Capital Corporation and Congress Financial
Corporation which have continued to advance funds under the facility despite the
default.
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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 hereunto duly authorized.
GULF STATES STEEL, INC. OF ALABAMA
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(Registrant)
Date: May 27, 1999 /s/ James Grimm
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James Grimm, Senior Vice President and
Chief Financial Officer
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