-----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, PATJMBDRY7zo7EiDYaEvGQE/Ak2QQIVqF+cK1fyHu+exbJcDARoKn0ZvNmxhMNO7 htI/KDVl6+vDbtxQB7ur9w== 0000950172-95-000424.txt : 19951025 0000950172-95-000424.hdr.sgml : 19951025 ACCESSION NUMBER: 0000950172-95-000424 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940601 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951024 SROS: NONE 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: 95583579 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): October 18, 1995 NATIONAL STEEL CORPORATION (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation) 1-98325-0687210 (Commission File Number)(IRS Employer Identification No.) 4100 EDISON LAKES PARKWAY, MISHAWAKA, INDIANA 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 October 18, 1995 announcing its third quarter and year to date 1995 earnings. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS 20.1 Press release dated October 18, 1995 SIGNATURE Pursuant to the requirement 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 By: /s/ Carl M. Apel Carl M. Apel Corporate Controller, Accounting and Assistant Secretary EXHIBIT INDEX Exhibit Description 20.1 Press Release dated October 18, 1995 - --------------------------------------------------------------------------- NEWS RELEASE Media Contact: Robert R. Toothman (219) 273-7552 or (412) 391-1469 Analyst/Investor Contact: Joseph A. Rainis (219) 273-7158 NATIONAL STEEL REPORTS THIRD QUARTER RESULTS MISHAWAKA, IN, OCTOBER 18, 1995--National Steel Corporation (NYSE:NS) today reported income from operations, excluding unusual items, of $19.4 million and $126.9 million for the third quarter and first nine months of 1995, respectively. This compares to operating income of $21.6 million and $12.2 million for the comparable 1994 periods. Sales for the third quarter of 1995 rose 6% to $725 million from $684 million in the 1994 period. Shipments increased to 1,336,000 net tons, 2% above the 1,316,000 net tons shipped in the third quarter of 1994. Raw steel production rose 17% to 1,532,000 net tons from the year- earlier period level of 1,311,000 net tons, primarily due to improved operating practices. Our ten-fold increase in operating income so far this year not only reflects higher average selling prices but also the efforts we have made to improve the stability of our operations, said National Steel President and Chief Executive Officer V. John Goodwin. The combined effects, however, of a decline in spot market prices over the past two quarters and higher operating costs associated with the upgrade of the pickle line and cold mill, in order to facilitate the startup of the new coating line under construction at Granite City, have contributed to the disappointing third quarter results. Operating profit per net ton shipped of $19 in the third quarter is an unsatisfactory performance, noted the chief executive. Third quarter net income was $21.0 million, or $0.42 per share, compared to $62.4 million, or $1.64 per share, for the same 1994 period. Results for the current period included an extraordinary item associated with the early retirement of debt, while the 1994 period included a net gain related to the reopening of the National Steel Pellet Company (NSPC). Excluding the effects of these items, net income totaled $15.6 million for the third quarter of 1995 and $19.8 million for the third quarter of 1994. Excluding nonrecurring items, net income for the first nine months of 1995 totaled $94.2 million, or $2.02 per share, compared to a loss of $9.2 million, or $0.48 per share, for the same period of 1994. Excluded from the 1995 period was a charge for the reduction in the salaried workforce, which occurred during the first quarter, and the extraordinary item related to the early retirement of debt which occurred in the third quarter. Similarly, net income for the 1994 period excludes a gain from the settlement of a litigation judgment and the reopening of NSPC, items which favorably impacted net income by $150.5 million during the first nine months of 1994. Sales for the first nine months of 1995 increased 13% to $2.2 billion over the same period a year ago. Shipments for the first nine months of 1995 rose 7% to 4,106,000 net tons and raw steel production rose 8% during the first nine months to 4,455,000 net tons. Mr. Goodwin also noted that net income from current operations of $94 million for the first nine months of 1995 already exceeds any annual level achieved by the company since it was restructured in 1984. Despite this accomplishment, we don t expect shipments in the fourth quarter to differ materially from the third quarter, and we continue to see downward pressure in spot market prices that will adversely impact our expectations for the fourth quarter, the chief executive concluded. Headquartered in Mishawaka, Indiana, National is the nation's fourth largest integrated steel company, with annual shipments of approximately five and one-half million tons of flat rolled products. National employs approximately 9,400 people. The company's consolidated income summary follows: National Steel Corporation Statements of Consolidated Income For the Three and Nine Month Periods Ended September 30, 1995 and 1994 (In millions, except per share data) (Unaudited) Three Months Nine Months Ended September 30, Ended September 30, 1995 1994 1995 1994 _________________________________________ Net Sales $724.8 $683.6 $2,214.1 $1,957.0 Cost of products sold 634.5 593.1 1,874.0 1,738.6 Selling, general and administrative 36.8 33.9 108.4 101.5 Depreciation, depletion and amortization 36.7 34.6 108.9 104.3 Equity (income) loss of affiliates (2.6) 0.4 (4.1) 0.4 Unusual items 0.0 (59.1) 5.3 (59.1) _________________________________________ Income from Operations 19.4 80.7 121.6 71.3 Other (Income) Expense Financing costs (net) 8.9 14.1 30.4 44.5 _________________________________________ Litigation judgment 0.0 0.0 0.0 (111.0) 8.9 14.1 30.4 (66.5) _________________________________________ Income Before Income Taxes and Extraordinary Item 10.5 66.6 91.2 137.8 Income tax provision (credit) (5.1) 4.2 0.6 (3.5) _________________________________________ Income Before Extraordinary Item 15.6 62.4 90.6 141.3 Extraordinary item, net of applicable income tax 5.4 0.0 5.4 0.0 _________________________________________ Net Income 21.0 62.4 96.0 141.3 Less preferred stock dividends 2.7 2.7 8.2 8.2 _________________________________________ Net Income Applicable to Common Stock $18.3 $59.7 $87.8 $133.1 ========================================= PER SHARE DATA APPLICABLE TO COMMON STOCK: Income Before Extraordinary Item $0.30 $1.64 $1.94 $3.66 Extraordinary item 0.12 0.00 0.12 0.00 _________________________________________ Net Income Applicable to Common Stock 0.42 1.64 2.06 3.66 SFAS 106 transition obligation 0.10 0.11 0.30 0.33 _________________________________________ Adjusted Net Income per Weighted Average Common Outstanding Shares $0.52 $1.75 $2.36 $3.99 ========================================= Weighted Average Shares Outstanding (in thousands) 43,286 36,370 42,513 36,364 Operating Statistics (in thousands of tons) Shipments 1,336 1,316 4,106 3,824 Production 1,532 1,311 4,455 4,106 -----END PRIVACY-ENHANCED MESSAGE-----