National Steel Corporation - 1976 or 1978 $100,000 Bond - Bought out by United States Steel Corporation
Inv# HD1014 Bond
$100,000 8 3/8% Bond with eagle vignette printed by Security-Columbian Banknote Co. Rare!!!
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.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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