Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

AK Steel Fails to Reach Agreement with USWA Regarding National Steel Purchase

Apr 11 2003

AK Steel, the leading bidder for the purchase of bankrupt National Steel, has failed to reach a labour agreement with the United Steelworkers of America (USWA) by the deadline imposed by the US Bankruptcy courts.

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AK Steel’s $925 million bid for National Steel was conditional on them reaching an agreement by April 9th. Following the failure to make this agreement, it would appear that US Steel might assume the lead bidder status, previously awarded to AK Steel by the courts.

US Steel has always been interested in acquiring National Steel and had previously made a $750 million bid. Furthermore, they have reached a tentative agreement with the USWA.

While AK Steel were unable to reach a labour agreement that they felt was economically feasible to profitably operate National Steel, they still remain interested in purchasing National Steel. To this end they intend to continue their plan of purchasing National Steel without a labour agreement, according to the USWA.

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