FORM 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ka0yQaUSWtkexRfrmkNrk3JCN/LoBkTOs154lFKiMkLV6Yjy+HTB+STYXuoaJDCR Gnuh7p5lJxbYDgJViLYEqQ== 0000950131-01-501092.txt : 20010504 0000950131-01-501092.hdr.sgml : 20010504 ACCESSION NUMBER: 0000950131-01-501092 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010503 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL STEEL CORP CENTRAL INDEX KEY: 0000070578 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 250687210 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-00983 FILM NUMBER: 1620862 BUSINESS ADDRESS: STREET 1: 4100 EDISON LAKES PARKWAY CITY: MISHAWAKA STATE: IN ZIP: 46545-3440 BUSINESS PHONE: 2192737000 MAIL ADDRESS: STREET 1: 4100 EDISON LAKE PARKWAY CITY: MISHAWAKA STATE: IN ZIP: 46545-3440 8-K 1 d8k.htm FORM 8-K FORM 8-K

UNITED STATES

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): May 3, 2001 (April 30, 2001)

NATIONAL STEEL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

	1-983	25-0687210
	(Commission File Number)	(IRS Employer Identification No.)



	4100 Edison Lakes Parkway, Mishawaka, IN	46545-3440
	(Address of principal executive offices)	(Zip Code)



	Registrant's telephone number, including area code:	219-273-7000

ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE

National Steel Corporation issued a press release on April 30, 2001 announcing its First Quarter 2001 results. A copy of this press release is attached hereto as Exhibit 99.1.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

Exhibit 99.1 Press release dated April 30, 2001.

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.

	NATIONAL STEEL CORPORATION

Date: May 3, 2001	By:	/s/Kirk A. Sobecki

		Kirk A. Sobecki
		Corporate Controller

EX-99.1 2 dex991.txt PRESS RELEASE DATED 4/30/2001 Exhibit 99.1 [logo national steel] - -------------------------------------------------------------------------------- National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 (219) 273-7000 NEWS RELEASE - ------------ Media Contact: Ronald B. Freeman (219) 273-7559 Analyst and William E. McDonough Investor Contact: (219) 273-7414 NATIONAL STEEL ANNOUNCES FIRST QUARTER 2001 RESULTS Mishawaka, IN, April 30, 2001 - National Steel Corporation (NYSE: NS) reported a net loss of $108.7 million, or $2.63 per diluted common share for the first quarter of 2001. This compares to net income of $10.6 million, or $0.26 per diluted common share for the first quarter of 2000. Net sales for the quarter were $589.4 million, a decrease of 29% from the first quarter of 2000, while shipments for the quarter of 1,414,000 million tons were approximately 21% lower than the year-ago quarter. The current quarter was positively impacted by $17.2 million due to the cumulative effect of a change in the method of accounting for investment gains and losses on pension assets in the calculation of periodic pension cost. This change will also reduce pension expense by $1.7 million in each quarter of 2001. During the first quarter, the company sold a long-term natural gas contract, which generated income of $26.0 million and is shown as an unusual gain on our income statement. The Company also recognized a non-cash tax expense of $25.1 million in the first quarter of 2001, in order to reduce the deferred tax asset on our balance sheet. First quarter 2001 operating results were negatively impacted by reduced operating levels, high natural gas costs and a continued weakness in the overall economy and the markets that we service. The continued softness in the economy led to reduced shipments and lower average selling prices for our products. As previously announced, the Company is targeting additional aggressive cost reduction activities in the areas of overtime reductions, manpower reductions, reduced costs for goods and services purchased, reduced repair and maintenance costs and the rationalization of non-competitive facilities. Achievements to- date include reducing overtime costs by 50% from the average levels during 2000 and approximately 450 manpower reductions since the first of the year. "While our first quarter 2001 results are very disappointing, we are encouraged by the fact that our performance improved as we progressed through the first quarter. We are getting reports of reduced customer steel inventory levels, leading to a recent improvement in our order book," said Hisashi Tanaka, chairman and chief executive officer. "We are committed to achieving the aggressive cost reductions needed to combat the negative impacts of the current steel market environment," he concluded. Exhibit 99.1 FINANCIAL POSITION AND LIQUIDITY Total liquidity from cash and available short-term credit facilities amounted to $176 million at March 31, 2001, as compared to $112 million at December 31, 2000. The primary reasons for the increase in liquidity were the addition of the $100 million NUF revolving credit facility in February 2001 and the $26 million of proceeds received from the sale of the natural gas contract offset by the net loss, scheduled debt repayments and capital expenditures. The Company funded $14 million in capital expenditures during the quarter as compared to $41 million in the fourth quarter of 2000. OTHER MATTERS During the first quarter 2001, National Steel received Toyota's Certificate of Achievement, being recognized as Toyota's best quality steel supplier during the year 2000. National Steel has recently been selected as the Alliance Supplier for Ingersoll-Rand Corporation. National Steel will supply various steel products to the Bobcat, Steelcraft and Hussman manufacturing locations. OUTLOOK The Company's outlook for the near-term is cautiously optimistic. Forecasted shipments are expected to rise approximately 10% in the second quarter from first quarter levels. As customer steel inventory levels continue to decline, orders for our products should improve. The Company believes that it has adequate liquidity and will remain in compliance with all financial covenants. Capital spending will continue at very low levels, with forecasted spending for the second quarter to be at $13 million. National Steel will be hosting a conference call to discuss first quarter results and the outlook for the second quarter on Tuesday, May 1, 2001 at 2:00 p.m. ET. Investors and other interested parties are invited to listen to the conference call over the Internet at http://www.videonewswire.com/NATIONAL/050101/ or you may go directly to our website at www.nationalsteel.com. To listen to the call, please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software. 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 for the year ended December 31, 2000. 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. National Steel employs approximately 8,800 employees. Visit National Steel's website at: www.nationalsteel.com. Exhibit 99.1 NATIONAL STEEL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share data)

Exhibit 99.1 NATIONAL STEEL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

-----END PRIVACY-ENHANCED MESSAGE-----