U.S. Steel Top Bidder in Auction for National Steel
National Steel Corp. said it has deemed U.S. Steel Corp "the highest and best bidder" for its assets after an April 16 auction. National said the following day that U.S. Steel's bid of $1.05 billion was superior to a $1.125-billion offer from AK Steel Corp., and noted that AK Steel failed to reach a new labor agreement with the United Steelworkers of America. AK Steel's proposal thus became conditioned on rejection of all of National's labor pacts with the steelworkers' union, according to U.S. Steel.
National, based in Mishawaka, Ind., has been operating under Chapter 11 bankruptcy protection since March 2002.