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Judge Names AK Steel Lead Bidder of National Steel

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.

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