U. S. Steel Selected as Highest and Best Bidder for National Steel Assets
United States Steel Corporation (NYSE: X) today confirmed that National Steel Corporation has selected U. S. Steel as the highest and best bidder for National's integrated steel assets. The selection was made during an auction held in Chicago.
U. S. Steel bid $1.05 billion to acquire substantially all of National's steelmaking and steel finishing assets and the assets of National Steel Pellet Company.
The bid calls for payment of $850 million in cash and the assumption of $200 million of National's lease and contractual obligations.
The selection of U. S. Steel as the successful bidder has been approved by National's Board of Directors, and National will submit the bid to the U.S. Bankruptcy Court for approval at a bankruptcy court hearing scheduled for April 21 in Chicago.
Under the terms of the bid, U. S. Steel will acquire facilities at National's two integrated steel plants, Great Lakes Steel, in Ecorse and River Rouge, Mich., and the Granite City Division in Granite City, Ill.; the Midwest finishing facility in Portage, Ind., near Gary, Ind.; ProCoil Corporation in Canton, Mich.; National Steel Pellet Company's iron ore pellet operations in Keewatin, Minn., and various other subsidiaries; and joint-venture interests, including National's share of Double G Coatings, L.P. in Jackson, Miss.
This release contains forward-looking statements with regards to the potential acquisition of the assets of National Steel Corporation. Whether such acquisition will be implemented and the timing of such implementation will depend upon a number of factors, many of which are beyond the control of United States Steel Corporation and National Steel Corporation. Among the factors is the absence of any injunctions blocking consummation of the acquisition.
For more information about U. S. Steel visit our web site at www.ussteel.com.
SOURCE: United States Steel Corporation
CONTACT: John Armstrong or Mike Dixon of United States Steel
Web site: http://www.ussteel.com/
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