-----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, HFA+wu2xC3NO/WqzgDVBP3E0qMzqWiLbpaPjNwulSqa84fJ3xvRbsMLLFOtkzLcF pffRnYWQB224P/WLv6L+bQ== 0000950131-97-003037.txt : 19970505 0000950131-97-003037.hdr.sgml : 19970505 ACCESSION NUMBER: 0000950131-97-003037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970421 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970502 SROS: NYSE 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: 1934 Act SEC FILE NUMBER: 001-00983 FILM NUMBER: 97594216 BUSINESS ADDRESS: STREET 1: 4100 EDISON LAKES PARKWAY CITY: MISHAWAKA STATE: IN ZIP: 465453440 BUSINESS PHONE: 2192737000 MAIL ADDRESS: STREET 1: 4100 EDISON LAKE PARKWAY CITY: MISHAWAKA STATE: IN ZIP: 46545-3440 8-K 1 FORM 8-K 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): April 21, 1997 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 National Steel Corporation issued a press release on April 21, 1997 reporting first quarter 1997 earnings. 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 21, 1997. 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: April 30, 1997 By: /s/Carl M. Apel ------------------------------------ Carl M. Apel Vice President - Finance EX-99.1 2 PRESS RELEASE DATED 4/21/97 EXHIBIT 99.1 News Release - ------------ Media Contact: Leon L. Judd (219) 273-7631 Analyst/Investor Contact: Joseph A. Rainis (219) 273-7158 NATIONAL STEEL REPORTS IMPROVED FIRST QUARTER EARNINGS Mishawaka, IN, April 21, 1997--National Steel Corporation (NYSE: NS) today reported net income for the first quarter of 1997 totaling $25.9 million, or $0.53 per common share, compared to a loss of $15.6 million, or $0.42 per share, for the first quarter of 1996. Operating income also increased in the first quarter of 1997, totaling $36.7 million as compared to a loss from operations of $12.2 million for the same period in 1996. Net sales for the quarter rose 11% from the year-earlier period to $758 million in the first quarter of 1997, while shipments set a first quarter record of 1.52 million net tons, or an increase of 6%. "Our performance improved during the first quarter despite higher natural gas prices and a less favorable product mix as well as costs associated with the upgrade of a coating line at the Midwest Division. We ended the quarter very strong and expect demand for our products to remain robust in the second quarter," said National Steel Chairman and Chief Executive Officer Osamu Sawaragi. "Our operating profit per ton shipped of $28 was our best in nearly two years. Operational stability was a key to our performance and I am very encouraged by the efforts of our employees in achieving these results," concluded the chief executive. -more- Last week, the Company announced the proposed sale of its coke oven battery at its Great Lakes Division, a transaction which is expected to generate unrestricted proceeds of approximately $225 million of which $157 million of the proceeds will be used to repay the outstanding indebtedness on the coke battery. Along with the sale of its minority equity interest in Iron Ore Company of Canada, a transaction which generated proceeds of approximately $85 million, the Company's balance sheet has been strengthened considerably. Both transactions represent the continuation of a strategy to deploy assets more effectively. 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 report on Form 10-K for the year ended December 31, 1996. Headquartered in Mishawaka, Indiana, National Steel is the nation's fourth largest integrated steel company, with annual shipments of approximately six million tons of flat rolled products. National employs approximately 9,500 people. The company's consolidated income statement and condensed balance sheets and cash flows follow: National Steel Corporation Statements of Consolidated Income (Unaudited) (In millions, except per share data)
Three Months Ended March 31, 1997 1996 ------------------- Net Sales $ 757.6 $ 682.1 Cost of products sold 654.3 628.9 Selling, general and administrative 31.6 31.4 Depreciation, depletion and amortization 35.1 36.3 Equity income of affiliates (0.1) (2.3) ------------------- Income (Loss) from Operations 36.7 (12.2) Financing costs (net) 8.2 8.8 ------------------- Income (Loss) before Income Taxes 28.5 (21.0) Income tax provision (credit) 2.6 (5.4) ------------------- Net Income (Loss) 25.9 (15.6) Less preferred stock dividends 2.7 2.7 ------------------- Net Income (Loss) Applicable to Common Stock $ 23.2 ($18.3) =================== PER SHARE DATA APPLICABLE TO COMMON STOCK: Net Income (Loss) Applicable to Common Stock $ 0.53 ($0.42) SFAS 106 transition obligation 0.10 0.10 ------------------- Adjusted Net Income (Loss) per Weighted Average Common Outstanding Shares $ 0.63 ($0.32) =================== Weighted Average Shares Outstanding (in thousands) 43,288 43,288 Operating Statistics (in thousands of tons) Shipments 1,521 1,436 Production 1,634 1,666
NATIONAL STEEL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions)
March 31, December 31, March 31, December 31, 1997 1996 1997 1996 --------- ------------ --------- ------------ Assets Liabilities and Stockholders' equity Cash and cash equivalents $ 135.0 $ 109.0 Current liabilities $ 574.1 $ 573.8 Receivables - net 288.1 279.9 Long term debt 453.9 470.3 Other long term Inventories 411.8 436.0 liabilities 857.2 847.5 -------- -------- -------- -------- Total current assets 834.9 824.9 Total liabilities 1,885.2 1,891.6 Property, plant and Redeemable equipment - net 1,463.9 1,455.5 preferred stock 63.1 63.5 Other assets 264.6 266.6 Stockholders' equity 615.1 591.9 -------- -------- -------- -------- Total Liabilities Total Assets $2,563.4 $2,547.0 and Equity $2,563.4 $2,547.0 ======== ======== ======== ========
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)
Three Months Ended March 31, 1997 1996 ---------------------------- Cash from operations $ 90.7 $ 61.0 Investing Activities: Purchases of property, plant and equipment (net) (43.3) (31.2) Financing Activities: Repayment of debt (15.6) (15.0) Preferred stock dividends (1.2) (1.0) Other (4.6) (5.8) ----- ------ (21.4) (21.8) ----- ------ Increase in Cash and Cash Equivalents 26.0 8.0 Cash and Cash Equivalents, Beginning of the Period 109.0 127.6 ----- ------ Cash and Cash Equivalents, End of the Period $135.0 $135.6 ====== ======
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