Operations to Continue at National Steel’s Granite City Steel in Illinois.
-National Steel Corp. of Mishawaka, Ind., the country’s fourth-largest steelmaker, filed for voluntary bankruptcy Wednesday, saying it is seeking time and flexibility to restructure debts totaling $2.6 billion.
Despite the bankruptcy, National, which has $2.3 billion in assets, said it expects to continue merger talks with U.S. Steel Corp., the country’s largest steelmaker.
The Chapter 11 bankruptcy, filed in Chicago, won’t have an immediate impact on operations at Granite City Steel, a division that employs 2,770 people.
“National Steel management has assured the union that it intends to continue operating business as usual,” said Frank Cavarretta, subdirector of District 7 of the United Steelworkers of America in Granite City.
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