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):  February 26, 1996

                           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
        February 26, 1996 announcing a first quarter loss.

        ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS

        20.1   Press release dated February 26, 1996.


                             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 February 26, 1996.


        News Release

                    Media Contact:      Leon L. Judd
                                        (219) 273-7631

         Analyst/Investor Contact:      Joseph A. Rainis
                                        (219) 273-7158

        NATIONAL STEEL SEES FIRST QUARTER LOSS

        Mishawaka, IN, February 26, 1996--National Steel Corporation
        (NYSE:NS) today announced that its first quarter 1996
        results, which are to be released in late April, will be
        below current estimates made by the analyst community as
        well as below fourth quarter 1995 results.

        "While we had anticipated approximately a break-even first
        quarter, some recent events have occurred which will have a
        further negative impact on our results," said President and
        Chief Executive Officer V. John Goodwin.  "Pellet production
        at our wholly-owned subsidiary, National Steel Pellet
        Company (NSPC), has been negatively impacted by a fire and a
        bearing failure which caused an outage of eleven days.  In
        order to avoid another bearing failure, production is being
        ramped up very slowly with a return to normal operating
        levels expected in April," Goodwin continued.

        The Company estimates that lost production and repair work
        at NSPC will negatively impact operating income by
        approximately $10 million in the first quarter of 1996.  In
        addition, lower average steel product selling prices and
        higher prices for natural gas will likely reduce operating
        income by a similar amount.

        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 9,500 people.