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NATIONAL STEEL TO RECEIVE $10 MILLION FOR PREPAYMENT OF CONTINGENT ENVIRONMENTAL LIABILITIES

 MISHAWAKA, Ind., Jan. 14 /PRNewswire/ -- National Steel Corporation (NYSE: NS) said today that it expects to receive $10 million from National Intergroup, Inc. (NYSE: NII) (NII) within the next week as a prepayment of NII's indemnification obligation for certain contingent environmental liabilities which may arise.
 Under the terms of an agreement with NII, which was completed during National Steel's initial public offering, NII is obligated to pay a portion of the proceeds of any sale of National Steel common stock as an advance against potential environmental liabilities which payment is subject to the terms of the agreement. NII's indemnification obligation remains in full force and effect.
 Recently NII announced the sale of nearly their entire 3.4 million shares of National Steel Class B common stock. National Steel said the money will go into its general corporate funds.
 National Steel is the nation's fourth largest steel producer, with mills in Granite City, IL, near St. Louis; Portage, IN, near Chicago; and Ecorse, MI, near Detroit. It has about 10,000 employees and is headquartered in Mishawaka, IN.
 -0- 1/14/94
 /CONTACT: media, Robert R. Toothman, 219-273-7552, or 412-391-1469, or analysts, Joseph A. Rainis, 219-273-7158, both of National Steel/
 (NS NII)


CO: National Steel Corporation; National Intergroup, Inc. ST: Indiana IN: MNG SU:

KC-DM -- PG001 -- 2067 01/14/94 09:33 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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