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NATIONAL STEEL PRICES INITIAL PUBLIC OFFERING

 MISHAWAKA, Ind., March 24 /PRNewswire/ -- National Steel Corporation (NYSE: NS) today announced that it has priced its initial public offering of 10 million shares of Class B common stock at $14 per share.
 The company has granted to the underwriters a 1.5 million share overallotment option. National Steel's stock will be traded on the New York Stock Exchange, beginning today, on a when issued basis under the symbol "NS."
 National intends to use $68 million of the approximately $130 million in net proceeds to retire 50 percent of its Series B preferred stock. The balance will be used to fund a portion of the construction cost of a new pickle line.
 J.P. Morgan Securities Inc. is the lead manager for the offering. Goldman Sachs & Co. and Salomon Brothers Inc are the co-managers.
 As the nation's fourth-largest integrated steel producer, National Steel had sales of nearly $2.4 billion in 1992, and shipped nearly 5 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.
 -0- 3/24/93
 /CONTACT: Robert R. Toothman of National Steel, 219-273-7552, or in Pittsburgh, 412-391-1469/
 (NS)


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

CD-KC -- PG006 -- 9082 03/24/93 11:50 EST
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Publication:PR Newswire
Date:Mar 24, 1993
Words:232
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