AK Steel Maintains Bid at National Steel Auction

 

Middletown, OH, April 17, 2003—AK Steel (NYSE: AKS) said today that it had maintained its existing $1.125 billion bid which, net of a $25 million escrow, would provide $1.1 billion in cash and assumed liabilities for essentially all the assets of National Steel Corporation at a court-sanctioned auction in Chicago.  AK Steel said U.S. Steel submitted a revised bid of $1.050 billion, with no escrow, at the auction today.  

AK Steel produces flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing markets, as well as tubular steel products.  The company has more than 10,000 employees in plants and offices in Middletown, Coshocton, Mansfield, Walbridge and Zanesville, Ohio; Ashland, Kentucky; Rockport, Indiana; and Butler, Pennsylvania.  In addition, the company produces snow and ice control products and operates an industrial park on the Houston, Texas ship channel.