U.S. Steel Signs Deal to Acquire National Steel Assets
Continuing the consolidation of the nation's steelmaking industry, U.S. Steel Corp. said it has signed an agreement to acquire the production and finishing assets of National Steel Corp., which has been operating since last March under Chapter 11 of the bankruptcy code. The transaction, announced Jan. 9, is valued at $950 million.
Pittsburgh-based U.S. Steel says the purchase price includes $650 million in cash, $100 million in U.S. Steel common stock and assumption of about $200 million of National Steel liabilities. U.S. Steel would not assume liability for pensions or benefits for National Steel's retirees.