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Rail News: Rail Industry Trends

U.S. Steel to acquire National Steel's assets, including Michigan short line

On Jan. 9, United States Steel Corp. reached an agreement to acquire substantially all of National Steel Corp.'s steelmaking and finishing assets for $950 million, and the assumption of $200 million in liabilities.
U.S. Steel also would acquire National Steel subsidiary Delray Connecting
Railroad Co., a 15-mile Detroit-based short line.
Expected to be finalized early in the second quarter, the transaction is contingent on U.S. Steel negotiating a new labor contract with United Steelworkers of America, and gaining approvals from a federal bankruptcy court and other regulatory bodies, including Surface Transportation Board.
Under agreement terms, U. S. Steel would acquire two integrated steel plants in Ecorse and River Rouge, Mich., a steel plant in Granite City,
Ill., and a finishing facility in Portage, Ind.

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More News from 1/10/2003