Exhibit 99.1

[NATIONAL STEEL LOGO]
4100 Edison Lakes Parkway
Mishawaka, IN 46545-3440

                                                   Contact: Anita-Marie Hill
                                                         Sitrick And Company
                                                              (310) 788-2850


               National Steel Corp. Completes Asset Sale Auction


Mishawaka, IN - April 17, 2003 - National Steel Corp. today announced that
United States Steel Corporation has emerged as the highest and best bidder in a
competitive auction held yesterday and today for substantially all of National
Steel's principal steelmaking and finishing assets and iron ore pellet
operations, subject to bankruptcy court approval. U.S. Steel's bid calls for
the payment of $850 million in cash at closing and the assumption of certain
liabilities of approximately $200 million.

         The results of the auction will be presented for approval of the sale
of such assets by the United States Bankruptcy Court for the Northern District
of Illinois in Chicago at a hearing in Chicago on April 21, 2003.

         National Steel exercised its rights to terminate a prior asset
purchase agreement with AK Steel Corporation. AK Steel failed to secure a
collective bargaining agreement with the United Steel Workers of America.

         National Steel filed voluntary petitions for reorganization under
Chapter 11 in the U.S. Bankruptcy Code in the Northern District of Illinois in
Chicago on March 6, 2002.

About National Steel:

         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 8,200 employees. For more information about the company, its
products and its facilities, please visit National Steel's website at
www.nationalsteel.com.

         All statements contained in this release, other than historical
information, are forward-looking statements. Completion of the potential
transaction described in this release is subject to various conditions, risks
and uncertainties, and there can be no assurance that the transaction will be
consummated. 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, 2002.

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