-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ws3usH0ISBEs7grToVtw0MB97rgi5IRR7uUqai2hSTb0CZTw1ULfM2Qn1Cf6Hhdy +yrQZDi0iL5aE+3dT5G/FA== /in/edgar/work/20000728/0000950131-00-004518/0000950131-00-004518.txt : 20000921 0000950131-00-004518.hdr.sgml : 20000921 ACCESSION NUMBER: 0000950131-00-004518 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000728 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL STEEL CORP CENTRAL INDEX KEY: 0000070578 STANDARD INDUSTRIAL CLASSIFICATION: [3312 ] IRS NUMBER: 250687210 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-00983 FILM NUMBER: 681168 BUSINESS ADDRESS: STREET 1: 4100 EDISON LAKES PARKWAY CITY: MISHAWAKA STATE: IN ZIP: 46545-3440 BUSINESS PHONE: 2192737000 MAIL ADDRESS: STREET 1: 4100 EDISON LAKE PARKWAY CITY: MISHAWAKA STATE: IN ZIP: 46545-3440 8-K 1 0001.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 28, 2000 (July 26, 2000) NATIONAL STEEL CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 1-983 25-0687210 (Commission File Number) (IRS Employer Identification No.) 4100 Edison Lakes Parkway, Mishawaka, IN 46545-3440 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 219-273-7000 ITEM 5. OTHER EVENTS National Steel Corporation issued a press release on July 26, 2000 announcing its Second Quarter 2000 results. A copy of this press release is attached hereto as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS Exhibit 99.1 Press release dated July 26, 2000. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NATIONAL STEEL CORPORATION Date: July 28, 2000 By: /s/ Glenn H. Gage ------------------- Glenn H. Gage Senior Vice President and Chief Financial Officer EX-99.1 2 0002.txt NEWS RELEASE Exhibit 99.1 National Steel - -------------------------------------------------------------------------------- National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 (219) 273-7000 NEWS RELEASE - ------------ Media Contact: Clarence J. Ehlers (219) 273-7327 Analyst and Joseph A. Rainis Investor Contact: (219) 273-7158 NATIONAL STEEL ANNOUNCES RESULTS FOR SECOND QUARTER 2000 Mishawaka, IN, July 26, 2000 -- National Steel Corporation (NYSE: NS) today reported a net loss of $5.0 million, or $0.12 per diluted common share, for the second quarter of 2000. This compares to a net loss of $4.6 million or $0.11 per diluted common share, for the same period of 1999. Net sales for the quarter increased to $772.4 million on shipments of 1,631,000 tons compared to $707.3 million on shipments of 1,471,000 tons for the second quarter of 1999. The second quarter 2000 results include a gain of $15.1 million from the sale of the Company's 30% interest in the Presque Isle Corporation. For the first half of 2000 the Company reported net income of $0.3 million or $0.01 per diluted common share, as compared to a net loss of $28.7 million, or $0.69 per diluted common share, for the first half of 1999. Net sales increased approximately 16% in the first half of 2000 to $1.58 billion on shipments of 3,411,000 tons compared to net sales of $1.37 billion on shipments of 2,861,000 tons for the same period last year. "The unanticipated extension of our planned outages combined with the fire at our Great Lakes Caster adversely impacted our second quarter results. As these issues have been concluded we will now continue our cost reduction efforts," said Chairman and Chief Executive Officer Yutaka Tanaka. "We succeeded in improving our shipments in value added products and the successful start-up of our new hot dip galvanizing facility will allow us to further improve our product mix in the future," concluded the chief executive. - more - Exhibit 99.1 FINANCIAL POSITION AND LIQUIDITY Total liquidity from cash and available short-term borrowing facilities amounted to $391 million at June 30, 2000. During June 2000 the Company received $16.4 million in gross cash proceeds from the sale of Presque Isle Corporation. Capital expenditures for the first half of 2000 totaled $93.4 million primarily related to the new hot dip galvanizing facility at our Great Lakes Operations and the scheduled B Blast Furnace reline at the same location. OTHER MATTERS On June 24, 2000 the Company successfully started-up the new hot dip galvanizing facility at the Great Lakes Operations. When fully operational, the facility will produce 450,000 tons of coated material annually to service the automotive industry with quality exposed material. In June 2000, the Company received the prestigious "Partner" award from John Deere Harvester Works, which comes from the agricultural division's Achieving Excellence program. It is the highest ranking a supplier can earn. The focus of the program is on quality, delivery, technical assistance and cost management. National Steel will be hosting a conference call to discuss second quarter results on Thursday, July 27, 2000 at 2:00 p.m. EDT. Investors will have the opportunity to listen to the conference call over the Internet at http://videonewswire.com/NATIONAL/072700/ or you may go directly to our website at www.nationalsteel.com. To listen to the live call, please go to the web site at least fifteen minutes early to register, download and install any necessary audio software. - more - Exhibit 99.1 All statements contained in this release, other than historical information, are forward-looking statements. A variety of factors could cause business conditions and the Company's actual results and experience to differ materially from those expected by the Company or expressed in the Company's forward-looking statements. Additional information concerning these factors is available in the Company's most recent Form 10-K for the year ended December 31, 1999. Headquartered in Mishawaka, Indiana, National Steel Corporation is one of the nation's largest producers of carbon flat-rolled steel products, with annual shipments of approximately six million tons. National Steel employs approximately 9,200 employees. Visit National Steel's website at: www.nationalsteel.com. The Company's consolidated statements of income, condensed balance sheets and statements of cash flows follow: - more - Exhibit 99.1 NATIONAL STEEL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share data)
Three Months Six Months Ended June 30, Ended June 30, ------------------- --------------------- 2000 1999 2000 1999 ------- ------- -------- -------- Net sales $ 772.4 $ 707.3 $1,580.2 $1,365.2 Cost of products sold 709.7 633.6 1,428.1 1,240.4 Selling, general and administrative expense 36.7 35.6 74.7 75.3 Depreciation 40.8 35.5 78.6 68.1 Equity (income) loss of affiliates (1.4) (0.3) (1.3) (0.7) ------- ------- -------- -------- Income (loss) from operations (13.4) 2.9 0.1 (17.9) Other (income) expense Financing costs (net) 6.9 7.7 14.8 13.0 Net gain on disposal of non-core assets (15.1) -- (15.1) (0.6) ------- ------- -------- -------- (8.2) 7.7 (0.3) 12.4 ------- ------- -------- -------- Income (loss) before income taxes (5.2) (4.8) 0.4 (30.3) Income tax provision (credit) (0.2) (0.2) 0.1 (1.6) ------- ------- -------- -------- Net income (loss) $ (5.0) $ (4.6) $ 0.3 $ (28.7) ======= ======= ======== ======== Basic earnings per share: Net income (loss) $ (0.12) $ (0.11) $ 0.01 $ (0.69) ======= ======= ======== ======== Weighted average shares outstanding (in thousands) 41,288 41,288 41,288 41,537 Diluted earnings per share: Net income (loss) $ (0.12) $ (0.11) $ 0.01 $ (0.69) ======= ======= ======== ======== Weighted average shares outstanding (in thousands) 41,288 41,288 41,291 41,537 Dividends paid per common share outstanding $ 0.07 $ 0.07 $ 0.14 $ 0.14 ======= ======= ======== ======== Operating Statistics (in thousands of tons): Shipments 1,631 1,471 3,411 2,861 Production 1,646 1,408 3,397 2,910
- more - Exhibit 99.1 NATIONAL STEEL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions)
June 30, December 31, June 30, December 31, 2000 1999 2000 1999 -------- ------------ -------- ------------ Assets Liabilities and Stockholders' Equity Cash and cash equivalents $ 58.2 $ 58.4 Current liabilities $ 591.6 $ 597.9 Receivables - net 329.4 322.8 Long-term debt 536.5 555.6 Inventories 503.4 519.7 Other long-term Other 32.8 29.5 liabilities 755.5 713.8 Deferred tax assets 28.2 28.2 -------- -------- -------- -------- Total current assets 952.0 958.6 Total Liabilities 1,883.6 1,867.3 Property, plant and equipment - net 1,460.6 1,446.4 Stockholders' Equity 827.8 833.2 Other assets 298.8 295.5 -------- -------- -------- -------- Total Liabilities Total Assets $2,711.4 $2,700.5 and Equity $2,711.4 $2,700.5 ======== ======== ======== ========
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)
Six Months Ended June 30, 2000 1999 ---- ---- Cash provided by (used in) operating activities: Net income (loss) $ 0.3 $ (28.7) Depreciation 78.6 68.1 Changes in assets and liabilities: Receivables (5.1) (27.1) Inventories 16.2 9.6 Accounts payable & accrued liabilities 51.5 (42.5) All other (33.8) 15.7 ------ ------- 107.7 (4.9) ------ ------- Cash provided by (used in) investing activities: Purchases of property, plant and equipment (net) (86.9) (130.3) Acquisition of ProCoil -- (7.7) Net proceeds from the sale of assets 15.5 0.6 ------ ------- (71.4) (137.4) ------ ------- Cash provided by (used in) financing activities: Repayment of debt (30.8) (28.3) Borrowings - net -- 295.4 Repurchase of common stock -- (7.9) Common stock dividends (5.7) (5.8) ------ ------- (36.5) 253.4 ------ ------- Increase (decrease) in cash and cash equivalents (0.2) 111.1 Cash and cash equivalents at the beginning of the period 58.4 137.9 ------ ------- Cash and cash equivalents at the end of the period $ 58.2 $ 249.0 ====== ======= Noncash investing and financing activities: Purchase of equipment through capital leases $ 6.5 $ 13.3 ====== =======
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