-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, MhRXuHI8rmPECMiEYTxb/qcx9sTPwf8B89FLcr+N2fVaxB6BwwxIH/nuj3q5W6/3 A8g89m2lEyfp2vzylB3tww== 0000950172-94-000115.txt : 19940707 0000950172-94-000115.hdr.sgml : 19940707 ACCESSION NUMBER: 0000950172-94-000115 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL STEEL CORP CENTRAL INDEX KEY: 0000070578 STANDARD INDUSTRIAL CLASSIFICATION: 3312 IRS NUMBER: 250687210 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00983 FILM NUMBER: 94537446 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 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 F O R M 1 1 - K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1993 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] Commission file number 1-983 A. FULL TITLE OF THE PLAN AND ADDRESS OF THE PLAN IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW: NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN B. NAME OF THE ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE: NATIONAL STEEL CORPORATION 4100 EDISON LAKES PARKWAY MISHAWAKA, IN 46545-3440 FORM 11-K TABLE OF CONTENTS Pages Audited Financial Statements . . . . . . . . 3-15 Signature Page . . . . . . . . . . . . . . . 16 Exhibit Index . . . . . . . . . . . . . . . . 17 ANNUAL REPORT ON FORM 11-K Audited Financial Statements NATIONAL STEEL CORPORATION NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN (Plan 004) DECEMBER 31, 1993 and 1992 Audited Financial Statements NATIONAL STEEL CORPORATION NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN (Plan 004) December 31, 1993 and 1992 Page Report of Independent Auditors . . . . . . . 5 Statements of Combined and Individual Fund Net Assets Available for Benefits . . 6 Statement of Changes in Combined and Individual Fund Net Assets Available for Benefits for the Year Ended December 31, 1993 . . . . . . . . . . . . . 7 Statement of Changes in Combined and Individual Fund Net Assets Available for Benefits for the Year Ended December 31, 1992 . . . . . . . . . . . . . 8 Notes to Financial Statements . . . . . . . . 9 Item 27a--Schedule of Assets Held for Investment . . . . . . . . . . . . . . . . 14 Item 27d--Schedule of Transactions or Series of Transactions in Excess of 5 Percent of the Current Value of Plan Assets . . . . . . . . . . . . . . . . . . 15 Report of Independent Auditors The Administrator of the National Steel Corporation National Steel Represented Employee Retirement Savings Plan National Steel Corporation Mishawaka, IN We have audited the accompanying statements of combined and individual fund net assets available for benefits of the National Steel Represented Employee Retirement Savings Plan (the "Plan") as of December 31, 1993 and 1992, and the related statements of changes in combined and individual fund net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the combined and individual fund net assets available for benefits of the Plan at December 31, 1993 and 1992, and the changes in its combined and individual fund net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993, and transactions or series of transactions in excess of 5 percent of the current value of Plan assets for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 financial statements taken as a whole. Fort Wayne, IN May 27, 1994 Ernst & Young EIN: 25-0687210 PN: 004
STATEMENTS OF COMBINED AND INDIVIDUAL FUND NET ASSETS AVAILABLE FOR BENEFITS NATIONAL STEEL CORPORATION NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN Fidelity Funds _____________________________________________________ Retirement NII NII Cash Equity Income Growth Intermediate Common Preferred Participant Combined Reserves Fund Fund Bond Fund Stock Stock Loans Funds ____________ ____________ ____________ ____________ ___________ ___________ ___________ ____________ DECEMBER 31, 1993 ASSETS Investments $ 20,721,499 $ 29,637,447 $ 28,329,853 $ 5,753,987 $ 306,016 $ 18,443 $ -0- $ 84,767,245 Contributions receivable 211,805 235,502 229,604 69,484 -0- -0- -0- 746,395 Employee loans receivable -0- -0- -0- -0- -0- -0- 692,330 692,330 ____________ ____________ ____________ ____________ ___________ ___________ ___________ ____________ NET ASSETS AVAILABLE FOR BENEFITS $ 20,933,304 $ 29,872,949 $ 28,559,457 $ 5,823,471 $ 306,016 $ 18,443 $ 692,330 $ 86,205,970 ============ ============ ============ ============ ============ ============ ============ ============ DECEMBER 31, 1992 ASSETS Investments $ 18,984,764 $ 21,277,250 $ 19,594,531 $ 4,328,533 $ 385,262 $ -0- $ -0- $ 64,570,340 Contributions receivable 220,776 203,534 188,901 64,888 -0- -0- -0- 678,099 Employee loans receivable -0- -0- -0- -0- -0- -0- 526,224 526,224 ___________ ____________ ____________ ____________ ___________ ____________ ____________ ____________ NET ASSETS AVAILABLE FOR BENEFITS $ 19,205,540 $ 21,480,784 $ 19,783,432 $ 4,393,421 $ 385,262 $ -0- $ 526,224 $ 65,774,663 ============ ============ ============ ============ ============ ============ ============ ============ See notes to financial statements.
STATEMENT OF CHANGES IN COMBINED AND INDIVIDUAL FUND NET ASSETS AVAILABLE FOR BENEFITS NATIONAL STEEL CORPORATION NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN Fidelity Funds _____________________________________________________ Retirement NII NII Cash Equity Income Growth Intermediate Common Preferred Participant Combined Reserves Fund Fund Bond Fund Stock Stock Loans Funds ____________ ____________ ____________ ____________ ___________ ___________ ___________ ____________ Funds YEAR ENDED DECEMBER 31, 1993 Additions: Employee contributions $ 3,776,749 $ 3,746,489 $ 3,623,185 $ 1,121,797 $ -0- $ -0- $ -0- $ 12,268,220 Interest and dividend income 574,170 1,037,478 2,623,989 400,384 -0- -0- -0- 4,636,021 Participant loans (180,249) (70,821) (107,969) (31,103) -0- -0- 390,142 -0- Loan repayment interest 15,377 13,663 15,921 2,276 -0- -0- -0- 47,237 Assets transferred from National Steel Retirement Savings Plan -0- -0- -0- 42,044 -0- -0- -0- 42,044 ____________ ____________ ____________ ____________ ___________ ____________ ____________ ____________ Total additions 4,186,047 4,726,809 6,155,126 1,535,398 -0- -0- 390,142 16,993,522 Deductions: Participant withdrawals- benefits 1,169,764 514,150 366,152 213,013 16,334 -0- 23,854 2,303,267 Participant loans repayments (54,091) (58,422) (71,561) (16,108) -0- -0- 200,182 -0- Administrative expenses 19,966 10,408 4,744 4,036 -0- -0- -0- 39,154 Assets transferred to National Steel Retirement Savings Plan 157,693 67,209 102,731 -0- 15,709 -0- -0- 343,342 ____________ ____________ ____________ ____________ ___________ ____________ ____________ ____________ Total deductions 1,293,332 533,345 402,066 200,941 32,043 -0- 224,036 2,685,763 Net interfund transfers (1,164,951) 413,453 862,974 (54,629) (73,505) 16,658 -0- -0- Net realized and unrealized appreciation in fair value of investments -0- 3,785,248 2,159,991 150,222 26,302 1,785 -0- 6,123,548 ____________ ____________ ____________ ____________ ___________ ____________ ____________ ____________ NET ADDITIONS (DEDUCTIONS) 1,727,764 8,392,165 8,776,025 1,430,050 (79,246) 18,443 166,106 20,431,307 Net assets available for benefits at beginning of year 19,205,540 21,480,784 19,783,432 4,393,421 385,262 -0- 526,224 65,774,663 NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 20,933,304 $ 29,872,949 $ 28,559,457 $ 5,823,471 $ 306,016 $ 18,443 $ 692,330 $ 86,205,970 See notes to financial statements.
STATEMENT OF CHANGES IN COMBINED AND INDIVIDUAL FUND NET ASSETS AVAILABLE FOR BENEFITS NATIONAL STEEL CORPORATION NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN Fidelity Funds _____________________________________________________ Retirement NII Cash Equity Income Growth Intermediate Common Participant Combined Reserves Fund Fund Bond Fund Stock Loans Funds ____________ ____________ ____________ ____________ ___________ ___________ ____________ YEAR ENDED DECEMBER 31, 1992 Additions: Employee contributions $ 3,809,047 $ 3,270,867 $ 2,767,810 $ 951,650 $ -0- $ -0- $ 10,799,374 Interest and dividend income 684,949 731,696 3,300,173 302,801 -0- -0- 5,019,619 Participant loans (138,057) (88,782) (72,594) (3,873) -0- 303,306 -0- Loan repayment interest 29,436 8,067 (997) 2,135 -0- -0- 38,641 Assets transferred from National Steel Retirement Savings Plan 5,367 -0- -0- -0- -0- -0- 5,367 ____________ ____________ ____________ ____________ ____________ ____________ ____________ Total additions 4,390,742 3,921,848 5,994,392 1,252,713 -0- 303,306 15,863,001 ============ ============ ============ ============ ============ ============ ============ Deductions: Participant withdrawals- benefits 826,049 401,214 203,168 37,988 40,384 17,151 1,525,954 Participant loans repayments (42,078) (31,903) (43,609) (7,581) -0- 125,171 -0- Administrative expenses 12,261 3,500 1,576 1,049 9 -0- 18,395 Assets transferred to National Steel Retirement Savings Plan -0- 46,498 37,197 20,375 242 -0- 104,312 ____________ ____________ ____________ ____________ ____________ ____________ ____________ Total deductions 796,232 419,309 198,332 51,831 40,635 142,322 1,648,661 Net interfund transfers (1,392,611) (265,521) 1,481,125 190,264 (13,257) -0- -0- Net realized and unrealized appreciation (depreciation) in fair value of investments -0- 1,846,977 (1,570,466) (69,782) (50,778) -0- 155,951 ____________ ____________ ____________ ____________ ____________ ____________ ____________ NET ADDITIONS (DEDUCTIONS) 2,201,899 5,083,995 5,706,719 1,321,364 (104,670) 160,984 14,370,291 Net assets available for benefits at beginning of year 17,003,641 16,396,789 14,076,713 3,072,057 489,932 365,240 51,404,372 ____________ ____________ ____________ ____________ ____________ ____________ ____________ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 19,205,540 $ 21,480,784 $ 19,783,432 $ 4,393,421 $ 385,262 $ 526,224 $ 65,774,663 See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS NATIONAL STEEL CORPORATION NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN December 31, 1993 and 1992 NOTE A--SIGNIFICANT ACCOUNTING POLICIES INVESTMENT VALUATION AND INCOME RECOGNITION The fair value of the participation units ("shares") owned by the National Steel Represented Employee Retirement Savings Plan (the "Plan") in the Fidelity funds are based on the quoted redemption value on the last business day of the Plan year. The investments in National Intergroup, Inc. ("NII") Preferred and Common Stock are valued at the last reported sales price on the last business day of the Plan year. Employee loans receivable are valued at cost which approximates fair value. Interest income is recorded as earned based on the stated rate. Dividend income is recorded on the ex-dividend date. In accordance with the policy of stating investments at their fair market value, net unrealized appreciation or depreciation for the year is included in the statement of changes in combined and individual fund net assets available for benefits. NOTE B--DESCRIPTION OF THE PLAN The Plan is a multi-employer defined contribution plan of National Steel Corporation (the "Company") and certain Local Unions, collectively (the "Employer"), which qualifies under Section 401(a) of the Internal Revenue Code (the "Code"). The Plan was established effective January 1, 1987 and covers substantially all employees of the Company employed on a permanent full time basis who are covered by a collective bargaining agreement between the Company and certain Local Unions. Local Unions of the following organizations have become eligible to participate in the Plan: - United Steelworkers of America - United Plant Guard Workers of America - International Chemical Workers - International Union of Bricklayers and Allied Craftsmen - International Hodcarriers - Building and Common Laborers Union of America NOTE B--DESCRIPTION OF THE PLAN - (CONTINUED) Also covered under the Plan are certain local headquarters staff of the above described Unions. Such employees of the Company and staff of the Local Unions are participants in the Plan. The purpose of the Plan is to permit participants to accumulate supplemental funds for retirement in accordance with favorable provisions of the Code. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). During the fourth quarter of each Plan year, all eligible employees are permitted to elect to participate in the Plan or to change their current level of participation effective as of the following January 1. Individual accounts ("Accounts") are established for each of the participants who may elect to allocate their contributions from compensation derived from standard hourly wages among any of the four Fidelity investment funds. Contributions must be equal to or greater than one percent (1%) of the Participant's wages and may be increased in multiples of one quarter of one percent (.25%) up to ten percent (10%) of compensation. Compensation from the Company's profit sharing or productivity gainsharing bonus plans may also be contributed to the investment options in multiples of 5% up to 100% of such compensation. Contributions from all sources must not exceed limitations set forth in the Code. Investment election changes can be made on a quarterly basis in accordance with Plan provisions. Contributions may be made as before-tax contributions or rollover contributions as permitted by the Code and as elected by the participants. All amounts contributed by participants are at all times non-forfeitable and fully vested. Administrative and trustee expenses consist of fees incurred by the Plan's investment manager and participant account recordkeeper, participant loans administration fees and the independent auditors. All of these expenses are assumed by the Plan and equally allocated to individual participant accounts except for the loan administration fees which are charged to the participant receiving the loan. As of December 31, 1993, the outstanding loan balance was $692,330. Other administrative costs associated with the Plan are assumed by the Employer. See Note G regarding the ratification of a new labor agreement. Additional information about the Plan agreement and the vesting and benefit provisions is contained in the pamphlet, Retirement Programs for Represented Employees Summary Plan Description. Copies of the pamphlet are available from the Human Resource Department. NOTE C--INVESTMENTS Under the terms of the Plan, participants may elect to invest in any of the following Fidelity funds, maintain a previously elected investment in NII Common Stock, or exchange NII Common Stock for NII Preferred Stock administered by the trustee: Cash Reserves--a money market fund which invests in U.S. government and federal agency obligations, obligations of major banks, federally insured instruments issued by smaller banks and savings institutions, prime commercial paper, high grade corporate obligations and qualified repurchase agreements. Equity Income--a balanced fund which is heavily invested in income-producing equity securities with the balance of the fund invested in corporate convertible and nonconvertible debt obligations and short-term treasury obligations. Retirement Growth--a diversified fund seeking capital appreciation which invests principally in common stock. The fund seeks capital gains without regard to whether such gains qualify as long term capital gains for federal tax purposes. Therefore, investment in the fund is limited to tax qualified retirement plans and to tax exempt organizations. Intermediate Bond--an income fund that invests in high and upper medium grade fixed income obligations, including corporate obligations, U.S. government obligations, U.S. bank obligations and prime commercial paper. NII Common Stock--maintained in the Plan as a result of transfers from the National Steel Retirement Savings Plan. NII stock is no longer an investment option for future contributions or transfers of existing funds invested in other options. NII Preferred Stock--effective October 6, 1993, shares of NII Common Stock could be exchanged for shares of NII Preferred Stock. However, NII Preferred Stock is not an investment option for future contributions or transfers of existing funds invested in other options (except for NII Common Stock). National Steel Class B Common Stock--under the terms of the new labor agreement between the Company and the USWA, the Company's Class B Common Stock will become an investment option effective January 1, 1994. NOTE C--INVESTMENTS - (CONTINUED) Investments in the Fidelity funds, NII Preferred and Common Stock, and participant loans at December 31, 1993 and 1992 were as follows: SHARES COST MARKET __________ ____________ ____________ December 31, 1993 Cash Reserves 20,721,499 $ 20,721,499 $ 20,721,499 Equity Income Fund 875,811 24,263,837 29,637,447 Retirement Growth Fund 1,561,734 26,196,767 28,329,853 Intermediate Bond Fund 533,765 5,588,545 5,753,987 NII Common Stock 23,096 598,602 306,016 NII Preferred Stock 595 16,658 18,443 Participant Loans 692,330 692,330 ____________ ____________ $ 78,078,238 $ 85,459,575 ============ ============ December 31, 1992 Cash Reserves 18,984,764 $ 18,984,764 $ 18,984,764 Equity Income Fund 733,445 19,435,741 21,277,250 Retirement Growth Fund 1,191,881 19,437,172 19,594,531 Intermediate Bond Fund 415,805 4,277,162 4,328,533 NII Common Stock 30,217 796,138 385,262 Participant Loans 526,224 526,224 ____________ ____________ $ 63,457,201 $ 65,096,564 ============ ============ NOTE D--NET APPRECIATION (DEPRECIATION) IN FAIR VALUE DURING THE YEAR NET APPRECIATION (DEPRECIATION) IN FAIR VALUE DURING THE YEAR _________________ Year Ended December 31, 1993 Equity Income Fund $ 3,785,248 Retirement Growth Fund 2,159,991 Intermediate Bond Fund 150,222 NII Common Stock 26,302 NII Preferred Stock 1,785 ____________ Total $ 6,123,548 ============ Year Ended December 31, 1992 Equity Income Fund $ 1,846,977 Retirement Growth Fund (1,570,466) Intermediate Bond Fund (69,782) NII Common Stock (50,778) ____________ Total $ 155,951 ============ NOTE E--TRANSACTIONS WITH PARTIES-IN-INTEREST Fees paid during the year for legal, accounting, and other services rendered by parties-in-interest were based on customary and reasonable rates for such services. NOTE F--INCOME TAX STATUS The Internal Revenue Service has ruled that the Plan qualifies under Section 401(a) of the Code and is, therefore, not subject to tax under present income tax law. The Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. NOTE G--RATIFICATION OF LABOR AGREEMENT On August 27, 1993, a new labor agreement between the Company and the USWA was ratified by union members. The new six year agreement is effective August 1, 1993 through July 31, 1999. Under the terms of the new agreement, the following changes will be made to the Plan effective January 1, 1994: * Provide an additional Fidelity investment option * Provide Company Common Stock as an investment option * Provide for deferral into the Plan on a pre-tax basis lump sum bonuses or Company stock paid to employees pursuant to the new labor agreement * Increase the maximum deferral rate to 15% * Revise the loan provisions to allow loans for any reason that is in accordance with governmental regulations
ITEM 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT NATIONAL STEEL CORPORATION NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN December 31, 1993 IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSETS COST CURRENT VALUE ___________________________ _________________________________________ ____________ _______________ Fidelity Management Trust Cash Reserves (20,721,499 Shares) $ 20,721,499 $ 20,721,499 Company Equity Income Fund (875,811 Shares) 24,263,837 29,637,447 Retirement Growth Fund (1,561,734 Shares) 26,196,767 28,329,853 Intermediate Bond Fund (533,765 Shares) 5,588,545 5,753,987 NII Common Stock (23,096 Shares) 598,602 306,016 NII Preferred Stock (595 Shares) 16,658 18,443 Participant Loans (Principal amount of $692,330 with interest ranging from 6.5% to 11%, due through December 1998) 692,330 692,330 ____________ ____________ TOTALS $ 78,078,238 $ 85,459,575 ============ ============
ITEM 27D--SCHEDULE OF TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF THE CURRENT VALUE OF PLAN ASSETS NATIONAL STEEL CORPORATION NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN Year Ended December 31, 1993 DOLLAR DOLLAR IDENTITY OF NUMBER OF NUMBER OF VALUE OF VALUE OF NET GAIN PARTY INVOLVED DESCRIPTION OF ASSET PURCHASES SALES PURCHASES SALES (LOSS) ______________________ __________________________ _________ _________ ___________ ___________ __________ Category (i) None Category (ii) None Category (iii) Fidelity Management Cash Reserves 228 225 $ 8,454,575 $ 6,717,840 $ -0- Trust Company Equity Income Fund 212 160 6,737,473 2,162,524 253,147 Retirement Growth Fund 232 177 11,504,180 4,928,849 184,264 Intermediate Bond Fund 172 126 2,723,889 1,448,657 36,151 Category (iv) None
SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. NATIONAL STEEL REPRESENTED EMPLOYEE RETIREMENT SAVINGS PLAN Date: June 30, 1994 By: /s/ James L. Wainscott ________________________ James L. Wainscott Treasurer and Assistant Secretary /s/ Carl M. Apel ________________________ Carl M. Apel Corporate Controller, Accounting and Assistant Secretary EXHIBIT INDEX Exhibit Description Page 23 Consent of Independent Auditors 18 EXHIBIT 23 CONSENT OF ERNST & YOUNG, INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-51087) pertaining to the National Steel Represented Employee Retirement Savings Plan of our report dated May 27, 1994, with respect to the financial statements of the National Steel Represented Employee Retirement Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1993. Ernst & Young Fort Wayne, IN June 28, 1994 -----END PRIVACY-ENHANCED MESSAGE-----