US Steel takes over National Steel
On April 17, 2003 National Steel Board of Directors selected
US Steel as the highest and best successfull bidder. Upon the Board's desicion on April 21, 2003
US Steel's bid was submitted to the US Bankruptcy Court. Following the approval of a five-year labor agreement by the workers of both steel mills,
US Steel Corp. announced that it has finally completed the purchase of National Steel Corp. The announcement has been taken by many, as a huge milestone in the consolidation process of the
US steel industry.
According to the agreement
US Steel is taking over National Steel's debt amounting to $200 million, at the same time with integrated steel works in Michigan, Granite City, IL; and other National Steel plants, subsidiaries and joint venture interests.