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Ailing US Steel plans to buy National SteelSkip to next paragraph
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United States Steel Corporaton, the nation's No. 1 maker, said Wednesday it had tentatively agreed to buy No. 7 National Steel Corporation for $575 million in cash and stock.
The surprise announcement, which shook Wall Street and angered steelworkers, came only one day after it disclosed a record loss in 1983 of $1.16 billion.
Industry experts say US Steel's startling acquisition plan could help the ailing company turn a profit, provided it clears major antitrust hurdles.