Ailing US Steel plans to buy National Steel
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.