National Steel Files for Bankruptcy Protection
One day after President Bush announced tariffs aimed at rescuing the ailing steel industry, National Steel Corp. filed for Chapter 11 bankruptcy protection, the latest steelmaker to fall prey to depressed prices, high pension costs and tough competition from imports.
National Steel, which is 53%-owned by Japan’s NKK Corp., said it had an agreement in principle for as much as $450 million of debtor-in-possession financing with its existing senior bank group, subject to court approval.
The Mishawaka, Ind.-based company said it would be able to pay vendors for all goods and services provided after the filing date. Trading in National Steel shares was halted Wednesday. They closed at $1.03 on Tuesday on the NYSE.
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