AK Steel Make $1.025Billion Bid for National Steel

AK Steel have just made an offer to acquire the finishing and steel manufacturing assets of National Steel Corporation for $1.025 billion.

National Steel have been operating under Chapter 11 bankruptcy protection since March 2002.

AK Steel will seek to have a court hearing on January 30th, in which they will be declared the lead bidder for National Steel. While the purchase is still subject to approval by regulatory bodies, they will also look to negotiating a new labour contract with the United Steelworkers of America.

If the bid is successful, it will increase the range of products which AK Steel can offer and will include tin mill and construction market products.

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