Extension of deadline to secure AK Steel -USWA agreement

Extension of deadline to secure AK Steel -USWA agreement

The latest news from the industry regarding the bids submitted for acquisition of US mill National Steel, reveal that; under the framework of the Asset Purchase Agreement signed between National Steel and AK Steel, the deadline after which both parties will have the right to terminate the agreement is extended to March 26, 2003. The originally determined date under the agreement was March 17, 2003, however the extension is based on the fact that AK Steel has not yet entered in a collective bargaining agreement with the United Steelworkers of America (USWA). The Asset Purchase Agreement is to show National Steel's agreement to sell all of steelmaking and finishing assets as well as its iron ore pellet operations to AK Steel against the offer of $ 1.125 billion, consisting of $925 million of cash and approximately $200 million of certain assumed liabilities.