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National Steel Corporation Deal - Lehman Brothers Collection

National Steel Corporation

Company Dealfirst mortgage bonds 8% series due December 1, 1995
Transaction TypeFirst Mortgage Bonds
Deal DescriptionNational Steel Corporation used a portion of the net proceeds from this transaction to fully repay term bank loans and short-term bank loans. The balance of the proceeds was added to the general funds of the corporation and was available for additional working capital and for future capital outlays. Since 1964, the company had made some capital improvements, including a basic oxygen furnace shop and a continuous casting facility and related equipment at its Weirton steel plant; electric furnaces, a continuous billet caster, new coke ovens, and a second basic oxygen furnace shop at its Great Lakes steel plant; an 80-inch cold mill and a 72-inch galvanizing line at its Midwest steel plant; an iron ore pellet plant in Minnesota; and a plant in Kentucky for continuous casting, rolling, and coating of aluminum.
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