March 7, 2002 |
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.
January 18, 2002 |
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.
December 10, 2001 |
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.
May 9, 1994 |
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.
August 2, 1993 |
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.
December 1, 1992 |
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.