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NATIONAL STEEL FILES WITH SEC FOR INITIAL PUBLIC OFFERING

 MISHAWAKA, Ind., Feb. 5 /PRNewswire/ -- National Steel Corporation announced today that it has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 10 million shares (plus an over allotment option of 15 percent of a new Class B common stock.
 Seventy percent of National Steel is presently controlled by NKK Corporation (NKK) of Japan, the world's fifth largest steelmaker. After the offering, NKK will continue to control a majority voting interest in National Steel.
 National Steel said it expects to receive net proceeds after expenses of approximately $135 million from the offering. The company said that it intends to use about $68 million of the net proceeds to retire 50 percent of its Series B preferred stock.
 The remainder of the net proceeds will be used to pay for a portion of the construction of the new pickle line serving National Steel's Great Lakes Division, scheduled to be completed in December 1993.
 The IPO will be lead managed by J.P. Morgan Securities Inc., with Goldman, Sachs & Co. and Salomon Brothers Inc acting as co-managing underwriters.
 National Steel is the fourth largest steelmaker in the United States, with annual shipments of nearly five million tons of flat-rolled carbon steel products. The company has production facilities in Ecorse, Mich., near Detroit; Granite City, Ill., near St. Louis; and Portage, Ind., near Chicago. The company is headquartered in Mishawaka, and employs about 10,300 people.
 NOTE: The registration statement relating to National Steel's new issue of Class B common stock has been filed with the Securities and Exchange Commission but has not yet become effective. Such securities may not be sold, nor may offers to buy be accepted, prior to the time this registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to such registration or qualification under the securities laws of any such state. A preliminary prospectus relating to the registration statement may be obtained upon request from J.P. Morgan Securities Inc., 60 Wall St., New York, NY, 10260.
 /delval/
 -0- 2/5/93
 /CONTACT: Robert R. Toothman of National Steel, 219-273-7552/


CO: National Steel Corporation; NKK Corporation ST: Indiana IN: MNG SU: OFR

CD-MK -- PG011 -- 3541 02/05/93 13:00 EST
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Date:Feb 5, 1993
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