National Steel Corporation - $1,000 Specimen Bond - Bought out by United States Steel Corporation

$1,000 4 5/8% Specimen Bond with 60 coupons at right of bond. Printed by American Bank Note Company.

The National Steel Corporation, established in 1929 through the merger of Weirton Steel Company, Great Lakes Steel Corporation, and parts of M.A. Hanna Company, was based in Pittsburgh. Notably, it maintained profitability during the Great Depression due to its proximity to Detroit and its focus on supplying the growing automobile industry. The company produced various flat-rolled steel products, including hot and cold-rolled sheets and galvanized coated products. In 1971, a key acquisition of Granite City Steel Company briefly made National Steel the third-largest U.S. steel producer.

However, National Steel faced challenges from foreign competition, domestic mini-mills, and production inefficiencies. This led to a reorganization in the 1980s under National Intergroup, Inc., and the sale of a 50% stake to Japan’s Nippon Kokan K.K. (NKK) in 1984. Despite attempts to improve its performance in the 1990s, the company’s financial problems persisted, ultimately resulting in a Chapter 11 bankruptcy filing in March 2002. U.S. Steel Corporation acquired the main remaining assets in May 2003, effectively ending National Steel’s independent existence and signifying broader consolidation in the steel sector.