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BUSINESS
April 18, 2003
* National Steel Corp. said it agreed to sell its assets to U.S. Steel Corp. for $1.05 billion in cash and assumed debt, rejecting a higher offer by AK Steel Holding Corp. that didn't include an agreement with unionized steelworkers. * Leslie Vadasz, an early Intel Corp. employee and manager of the team that designed the first computer microprocessor, announced he will retire June 1.
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BUSINESS
September 21, 1991 | From Times Staff and Wire Reports
Steel Firm May Go Chapter 11: President Ronald Doerr has been telling employees that National Steel Corp. must reduce costs dramatically before the first quarter of 1992 or a Chapter 11 bankruptcy protection filing may be necessary. National Steel is 70% owned by Japan's NKK Corp. and 30% owned by National Intergroup Inc. of Pittsburgh, a diversified company with a major pharmaceuticals interest. It lost $101 million in the first half of 1991.
BUSINESS
January 10, 2003 | From Bloomberg News
U.S. Steel Corp., trying to retain its 102-year-old position as North America's biggest maker of raw steel, agreed to buy most of the assets of National Steel Corp. for $950 million. The agreement comes three days after International Steel Group Inc. offered $1.5 billion for Bethlehem Steel Corp.'s assets in a deal that threatened to displace U.S. Steel as the industry's largest producer. Buying National Steel would boost U.S.
BUSINESS
January 10, 2003 | From Bloomberg News
U.S. Steel Corp., trying to retain its 102-year-old position as North America's biggest maker of raw steel, agreed to buy most of the assets of National Steel Corp. for $950 million. The agreement comes three days after International Steel Group Inc. offered $1.5 billion for Bethlehem Steel Corp.'s assets in a deal that threatened to displace U.S. Steel as the industry's largest producer. Buying National Steel would boost U.S.
BUSINESS
November 7, 1990 | United Press International
National Steel Corp. has announced plans to construct a new 85-oven coke battery complex at its Great Lakes Division near Detroit. The new facility, which will replace the No.5 coke battery shut down in 1986, will include a by-products plant and coal and coke handling facilities. When it becomes operational, the battery will produce 890,000 tons of coke each year and enable National's Great Lakes Division to produce about 60% of its own coke requirements, spokesmen said.
BUSINESS
August 2, 1993 | MICHAEL PARRISH, TIMES STAFF WRITER
Labor settlements over the weekend with two big steel companies mark the early fruits of an effort by U.S. unions to exchange short-term wage benefits for long-range corporate influence--by forcing union-picked members on company boards of directors. A strike by more than 15,000 steelworkers was averted Sunday when the United Steelworkers of America tentatively approved a contract with Bethlehem Steel Corp. that will place a union-nominated member on Bethlehem's board, union officials said.
BUSINESS
December 30, 1985 | From the Washington Post
A life-support system is hooked up to the National Steel Corp., one of the wounded American steel producers straining to survive the industry's bloodletting. Made in Japan, the life-support system is pumping a stream of cash, credit and new technology and work attitudes into National in the hope that the American steel-maker can become a leading supplier of advanced steel products for the auto industry and other customers.
BUSINESS
April 18, 2003
* National Steel Corp. said it agreed to sell its assets to U.S. Steel Corp. for $1.05 billion in cash and assumed debt, rejecting a higher offer by AK Steel Holding Corp. that didn't include an agreement with unionized steelworkers. * Leslie Vadasz, an early Intel Corp. employee and manager of the team that designed the first computer microprocessor, announced he will retire June 1.
BUSINESS
March 7, 2002 | Reuters
One day after President Bush announced tariffs aimed at rescuing the ailing steel industry, National Steel Corp. filed for Chapter 11 bankruptcy protection, the latest steelmaker to fall prey to depressed prices, high pension costs and tough competition from imports. National Steel, which is 53%-owned by Japan's NKK Corp., said it had an agreement in principle for as much as $450 million of debtor-in-possession financing with its existing senior bank group, subject to court approval.
BUSINESS
January 18, 2002 | Bloomberg News
U.S. Steel Corp. got the option to buy a majority stake in National Steel Corp. from a Japanese company as part of its plan to create one of the largest steel companies in the world. U.S. Steel, the biggest U.S. steelmaker, can buy as much as 53% of Mishawaka, Ind.-based National Steel from Tokyo-based NKK Corp. under the agreement that expires June 15. In return, NKK would have the right to buy 4 million shares, or 4.5%, of U.S. Steel. If U.S.
BUSINESS
December 10, 2001 | From Reuters
USX-U.S. Steel Corp. is in talks to buy rival Japanese steelmaker NKK Corp.'s National Steel Corp., the two companies said Sunday, as the U.S. industry fights to survive what it terms an onslaught of cheap imported steel. Pittsburgh-based U.S. Steel and rival domestic steelmaker Bethlehem Steel Corp., issued a proposal Dec. 4, calling for consolidation within the struggling U.S. steel industry and help from the U.S. government.
BUSINESS
May 9, 1994 | From Times Staff and Wire Reports
Attempt to Privatize Steel Firm Fails: The government's first major privatization effort this year was the sale of a majority stake in the nation's biggest steel firm. National Development Co., owner of National Steel Corp., said it has rejected bids submitted by Indian and Malaysian-Filipino groups. Both bids, submitted last week, were well below the $370-million indicative price set by National Development Co. for a 65% stake in the steel firm.
BUSINESS
August 2, 1993 | MICHAEL PARRISH, TIMES STAFF WRITER
Labor settlements over the weekend with two big steel companies mark the early fruits of an effort by U.S. unions to exchange short-term wage benefits for long-range corporate influence--by forcing union-picked members on company boards of directors. A strike by more than 15,000 steelworkers was averted Sunday when the United Steelworkers of America tentatively approved a contract with Bethlehem Steel Corp. that will place a union-nominated member on Bethlehem's board, union officials said.
BUSINESS
December 1, 1992 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
The Commerce Department on Monday said that 12 countries, most in Europe, are unfairly subsidizing steel imported into the United States and ordered temporary duties as high as 90% on the foreign products. The long-awaited decision comes against the backdrop of growing trade tension between the United States and Europe. An agricultural trade war was averted nearly two weeks ago by a U.S.
BUSINESS
May 9, 1994 | From Times Staff and Wire Reports
Attempt to Privatize Steel Firm Fails: The government's first major privatization effort this year was the sale of a majority stake in the nation's biggest steel firm. National Development Co., owner of National Steel Corp., said it has rejected bids submitted by Indian and Malaysian-Filipino groups. Both bids, submitted last week, were well below the $370-million indicative price set by National Development Co. for a 65% stake in the steel firm.
BUSINESS
December 5, 1991 | From Times Staff and Wire Reports
General Motors Corp. sought federal approval to double to $1.5 billion the amount of preference stock it can sell in future offerings . . . A stock offering by French fashion house Christian Dior met with strong demand, with Japanese investors rushing to add a famous label to their portfolios . . . Dallas-based LTV Corp. has agreed to sell its AM General Corp. unit, which makes the Hummer military vehicle, to Renco Group Inc. of New York, for an undisclosed price. . . .
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