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): December 6, 2002 (December 5,
 2002)




                           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:         574-273-7000



ITEM 5. FINANCIAL STATEMENTS AND EXHIBITS

National Steel Corporation issued a press release on December 5, 2002 announcing
notice of PBGC intention to assume pension plans.

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 December 5, 2002.






                                    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:  December 6, 2002               By:  /s/ Kirk A. Sobecki
                                         -----------------------------------
                                           Kirk A. Sobecki
                                           Senior Vice President and
                                             Chief Financial Officer

EX-99.1

                                                                   Exhibit 99.1

                                                         [GRAPHIC APPEARS HERE]
- -------------------------------------------------------------------------------
                                                     National Steel Corporation
                                                     4100 Edison Lakes Parkway
                                                     Mishawaka, IN  46545-3440


                                                      Contact: Anita-Marie Hill
                                                               (310) 788-2850
For Immediate Release:

     National Steel Announces Notice of PBGC Intention to Assume Pension Plans

Mishawaka, Ind. - December 5, 2002 - National Steel Corporation, Inc. today
announced it has received notice that the Pension Benefit Guaranty Corporation
(PBGC), the federal pension insurer, has indicated an intention to assume
responsibility for seven National Steel Corporation pension plans.

"We are disappointed that the PBGC took this action at this time. However, we
recognize that if the PBGC assumes responsibility for the plans current
employees who retire will receive their basic pension benefits and our retirees
will continue to receive monthly checks, subject to federal limits," said Mineo
Shimura, Chairman and Chief Executive Officer. "We were aware that this action
eventually could occur due to the significant underfunding of our plans, large
ongoing funding requirements, market conditions and our bankruptcy filing. We do
not expect that the PBGC's action will impact our plan to reorganize the
Company. We continue to have good liquidity and will continue to provide our
customers with the service and quality that they demand."

Legacy costs such as pensions have long been an issue for the entire steel
industry. In addition, the impact of the investment market over the past two
years combined with low interest rates have significantly exacerbated pension
funding requirements and have resulted in record pension liabilities,
particularly in the steel industry.



If the PBGC assumes responsibility for the plans, it will take over the assets
of the plans and use its insurance funds to pay guaranteed benefits to National
Steel workers. The affected pension plans are the National Steel Corporation
Retirement Program; National Steel Corporation Pension Plan - Hourly Employees;
Granite City United Steelworkers of America Pension Plan; Granite City Pension
Plan for Chemical Workers, Bricklayers, Hodcarriers, Blacksmiths, and Watchman's
Union; Weirton Retirement Program; National Steel Pellet Company Pension Plan
for Hourly Wage Employees; and Pension Plan for Salaried Employees of National
Steel Pellet Company. The Company's American Steel Corporation Hourly Pension
Plan was not implicated by the PBGC's announcement.

Headquartered in Mishawaka, Indiana, National Steel Corporation is one of the
Nations's largest producers of carbon flat-rolled steel products with annual
shipments of approximately six million tons. National Steel Corporation employs
approximately 8,200 employees. Please visit the Company's web site at
www.nationalsteel.com for more information on the Company and its products and
facilities.

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 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, 2001.