-----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, eoPOHQNlaLiQWvhKK2RjgpFsJtstZFX7i/Q8M75+XquEnt90nbs8zTcJJUOX/97T 7NDyePV+4+cwPu1ZQSddoQ== 0000950172-94-000001.txt : 19940114 0000950172-94-000001.hdr.sgml : 19940114 ACCESSION NUMBER: 0000950172-94-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940110 ITEM INFORMATION: 5 ITEM INFORMATION: 7 FILED AS OF DATE: 19940110 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: 8-K SEC ACT: 34 SEC FILE NUMBER: 001-00983 FILM NUMBER: 94500853 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): January 10, 1994 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, 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 January 10, 1994 announcing that it anticipates recording fourth quarter adjustments which are expected to range between $120-$135 million. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. 28.1 Press release dated January 10, 1994. 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 By: /s/ Richard E. Newsted Richard E. Newsted Vice President, Chief Financial Officer and Secretary EXHIBIT INDEX Exhibit Description Page 28.1 Press Release dated January 10, 1994 5 EX-28 2 PRESS RELEASE (EXHIBIT 28.1) MEDIA CONTACT: ROBERT R. TOOTHMAN (219) 273-7552 OR (412) 391-1469 ANALYST CONTACT: JOSEPH A. RAINIS (219) 273-7158 NATIONAL STEEL CORPORATION ANTICIPATES RECORDING ADJUSTMENT OF $120-$135 MILLION Mishawaka, IN, January 10, 1994 -- National Steel Corporation s (NYSE: NS) Vice President and Chief Financial Officer, Richard E. Newsted, said today that the corporation anticipates recording fourth quarter adjustments which are expected to range between $120-$135 million. The largest portion of these adjustments, approximately $90-100 million, relates to the recognition of certain liabilities resulting from the corporation s intention to temporarily idle National Steel Pellet Company, a wholly-owned subsidiary. Mr. Newsted also noted two other planned adjustments that would have a lesser financial impact: * A LIFO inventory adjustment of approximately $15 million caused by the depletion of higher cost iron ore pellet inventory levels resulting from the temporary idling of National Steel Pellet Company, along with the shift in cost and mix of the corporation s steel inventory levels; and * Early adoption of Statement of Financial Accounting Standards No. 112, Employers Accounting for Postemployment Benefits of $15-20 million. Finally, Mr. Newsted said the corporation will lower the discount rate used to calculate its pension liabilities to 7.50% from 8.75% in order to reflect the current interest rate environment. He said the discount rate adjustment would have no impact on National s income statement and could minimally impact shareholders equity. The company intends to announce its 1993 results on or about January 26, 1994. National is the nation s fourth largest integrated steel producer with annual shipments of about 5 million tons of flat rolled products. The company has steel mills in Ecorse, Michigan, near Detroit; Granite City, Illinois, near St. Louis; and Portage Indiana, near Chicago. The company is headquartered in Mishawaka, Indiana, and employs about 10,000 people. -----END PRIVACY-ENHANCED MESSAGE-----