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On Jan. 9, United States Steel Corp. reached an agreement to acquire substantially all of National Steel Corp.'s steelmaking and finishing assets for $950 million, and the assumption of $200 million in liabilities.
U.S. Steel also would acquire National Steel subsidiary Delray Connecting
Railroad Co., a 15-mile Detroit-based short line.
Expected to be finalized early in the second quarter, the transaction is contingent on U.S. Steel negotiating a new labor contract with United Steelworkers of America, and gaining approvals from a federal bankruptcy court and other regulatory bodies, including Surface Transportation Board.
Under agreement terms, U. S. Steel would acquire two integrated steel plants in Ecorse and River Rouge, Mich., a steel plant in Granite City,
Ill., and a finishing facility in Portage, Ind.