By AP/KWMU
Chicago, IL – A bankruptcy judge in Chicago has named AK
Steel the lead bidder for bankrupt National Steel.
AK Steel offered $925 million in cash for National Steel, which operates a mill in Granite City. AK also agreed last week to assume $200 million in National Steel debt.
But the bid is contingent on AK reaching a labor deal with steelworkers.
The lead bidder designation is important because it gives AK an upper hand if a bidding war breaks out.
US Steel also wants to buy National Steel.