Exhibit 99.1

                        [LETTERHEAD OF NATIONAL STEEL]

NEWS RELEASE
------------

Media Contact:         Ronald B. Freeman
                       (219) 273-7559

Analyst and            William E. McDonough
Investor Contact:      (219) 273-7414



                            NATIONAL STEEL ANNOUNCES
              AMENDMENTS TO LOAN COVENANTS AND NEW DEBT FINANCING


Mishawaka, IN, March 1, 2001 - National Steel Corporation (NYSE:NS) today
announced that it has reached agreement with its bank group on the amendment of
certain financial covenants in its $200 million Inventory Secured Revolving
Credit Facility. The amendment provides for further relaxation and/or suspension
of certain financial ratios through December 31, 2001.

In addition, the Company announced that it concluded a new $100 million
revolving credit facility with NUF LLC ("NUF"), a wholly-owned subsidiary of NKK
Corporation. The NUF loan is secured by a junior lien on the collateral security
under the Inventory Secured Revolving Credit Facility.

All statements contained in this release, other than historical information, are
forward-looking statements. A variety of factors could cause business conditions
and the Company's actual results and experience to differ materially from those
expected by the Company or expressed in the Company's forward-looking
statements. Additional information concerning these factors is available in the
Company's most recent Form 10-K (as amended) for the year ended December 31,
1999.

Headquartered in Mishawaka, Indiana, National Steel Corporation is one of the
nation's largest producers of carbon flat-rolled steel products, with annual
shipments of approximately six million tons. Visit National Steel's website at:
www.nationalsteel.com.