-----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, TGMDKiY5SMtFY23VdoDpB8JYy+QGEQk/6NekOPtyJrAwVA4dh2JY4IK/8YQx3mJk Pk4dEn6jeNz9vHb6t49Ziw== 0000950131-99-000361.txt : 19990128 0000950131-99-000361.hdr.sgml : 19990128 ACCESSION NUMBER: 0000950131-99-000361 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990125 ITEM INFORMATION: FILED AS OF DATE: 19990127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INLAND STEEL INDUSTRIES INC /DE/ CENTRAL INDEX KEY: 0000790528 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 363425828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09117 FILM NUMBER: 99513540 BUSINESS ADDRESS: STREET 1: 30 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3123460300 MAIL ADDRESS: STREET 1: 30 WEST MONROE STREET STREET 2: 16TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60603 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 25, 1999 INLAND STEEL INDUSTRIES, INC. ------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-9117 36-3425828 - --------------------------- ------------ -------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 30 West Monroe Street Chicago, Illinois 60603 - ---------------------------------------- -------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including are code: (312) 346-0300 Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. The Press Release dated January 25, 1999 attached hereto as Exhibit 99.1 is incorporated herein by reference in answer to this Item 5. 2 SIGNATURES 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 thereunto duly authorized. Dated: January 27, 1999 INLAND STEEL INDUSTRIES, INC. By: /s/ Vicki L. Avril ------------------------------ Vicki L. Avril Vice President - Finance and Chief Financial Officer 3 EXHIBIT INDEX Exhibit Number Description - ------ ----------- 99.1 Press Release dated January 25, 1999 4 EX-99.1 2 PRESS RELEASE DATED 01/25/1999 EXHIBIT 99.1 Inland Steel Industries, Inc. 30 West Monroe Street Chicago, Illinois 60603 Inland Steel Industries, Inc. News Release - -------------------------------------------------------------------------------- For additional information: Patrick J. Unzicker 773-762-2153 x3206 For Immediate Release - --------------------- Inland Steel Industries Reports Fourth Quarter and 1998 Results Chicago, IL (January 25, 1999) - Inland Steel Industries, Inc. (NYSE: IAD), today reported net income of $11.1 million, or $.46 per diluted share, for the quarter ended December 31, 1998. The company earned $5.6 million, or $.22 per diluted share, from continuing operations. During the quarter, the company recognized an extraordinary after-tax loss of $10.1 million from the early retirement of its ESOP notes. For the full year 1998, net income totaled $550.9 million or $13.02 per diluted share. The company earned $47.7 million, or $.99 per diluted share, from continuing operations and $13.8 million from discontinued operations, or $.33 on a diluted per share basis. In 1998, the company realized a $510.8 million after-tax gain from the July 16, 1998, sale of its wholly owned steel manufacturing subsidiary, Inland Steel Company. In addition, Inland recognized an extraordinary after-tax loss of $21.4 million from the early retirement of the 10.23% subordinated voting note and ESOP notes. During the quarter and in connection with the early retirement of the company's ESOP notes, the company also redeemed its remaining 1.8 million shares of Series E Preferred Stock. The debt retirement and preferred share redemption totaled $130.5 million. ### Inland Steel Industries is the holder of stock representing approximately 87% of the economic interest in Ryerson Tull, Inc. (NYSE: RT) which is, in turn, the sole stockholder of Joseph T. Ryerson & Son, Inc. and J.M. Tull Metals Company, Inc. Ryerson and Tull are leading steel service, distribution and materials processing organizations. Ryerson Tull, Inc. is the largest metals service center in the United States based on revenues, with 1998 sales of $2.8 billion and a current U.S. market share of approximately 10%, based on Ryerson Tull, Inc.'s analysis of data prepared by the Steel Service Center Institute. Ryerson Tull, Inc. distributes and processes metals and other materials throughout the continental United States. INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES Selected Income Data - Unaudited -------------------------------- (Dollars and Shares in Thousands)
1998 Year Ended ------------------------------ 1997 December 31 Fourth Third Fourth --------------------------- Quarter Quarter Quarter 1998 1997 ----------- ----------- ----------- ------------ ------------ NET SALES $628,469 $688,503 $686,652 $2,782,744 $2,803,980 Cost of materials sold 489,069 539,107 528,227 2,156,992 2,177,956 ----------- ----------- ----------- ------------ ------------ Gross profit 139,400 149,396 158,425 625,752 626,024 Operating expenses 128,776 121,486 127,028 502,490 483,033 Depreciation and amortization 7,761 8,606 6,438 33,179 27,698 Gain on sale of assets (5,899) -- -- (5,899) (8,929) Pension curtailment gain -- -- (8,900) -- (8,900) ----------- ----------- ----------- ------------ ------------ OPERATING PROFIT 8,762 19,304 33,859 95,982 133,122 Other revenue and expense, including interest income 2,288 7,467 5,462 20,599 26,723 Interest and other expense on debt (6,156) (8,162) (9,749) (33,563) (40,341) ----------- ----------- ----------- ------------ ------------ INCOME BEFORE INCOME TAXES 4,894 18,609 29,572 83,018 119,504 Provision for income taxes (562) 7,924 11,706 30,610 46,577 ----------- ----------- ----------- ------------ ------------ INCOME BEFORE MINORITY INTEREST 5,456 10,685 17,866 52,408 72,927 Minority interest in Ryerson Tull, Inc. (184) 644 2,125 4,730 8,442 ----------- ----------- ----------- ------------ ------------ INCOME FROM CONTINUING OPERATIONS 5,640 10,041 15,741 47,678 64,485 Discontinued operations (net of tax): Income (loss) from operations -- (4,355) 1,926 13,836 54,796 Gain on sale 15,570 495,221 -- 510,791 -- ----------- ----------- ----------- ------------ ------------ INCOME BEFORE EXTRAORDINARY LOSS 21,210 500,907 17,667 572,305 119,281 Extraordinary loss on early retirement of debt (10,144) (11,237) -- (21,381) -- ----------- ----------- ----------- ------------ ------------ NET INCOME $11,066 $489,670 $17,667 $550,924 $119,281 =========== =========== =========== ============ ============ INCOME PER SHARE OF COMMON STOCK Basic $0.47 $12.72 $0.31 $13.79 $2.25 =========== =========== =========== ============ ============ Diluted $0.46 $12.02 $0.30 $13.02 $2.13 =========== =========== =========== ============ ============ Dividends on preferred stock $759 $1,650 $2,280 $6,952 $9,126 Net income applicable to common stock $10,307 $488,020 $15,387 $543,972 $110,155 Average shares of common stock 21,796 38,373 48,932 39,449 48,887
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