SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT
                    PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


               Date of report (Date of earliest event reported)
                                 May 20, 2003


                          NATIONAL STEEL CORPORATION
 ----------------------------------------------------------------------------
              (Exact Name of Registrant as Specified in Charter)


         Delaware                      1-983                 25-0687210
     ---------------               ----------------        ---------------
 (State or Other Jurisdiction        (Commission           (IRS Employer
        of Incorporation)             File Number)         Identification No.)


4100 Edison Lakes Parkway, Mishawaka, IN                    46545-3440
----------------------------------------                    -----------
(Address of Principal Executive Office)                     (Zip Code)


Registrant's telephone number, including area code: 574-273-7000


                                      N/A
              ---------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)


<page>

ITEM 5.  Other Events and Required Regulation FD Disclosure.

         On May 20, 2003, National Steel Corporation (the "Company") issued a
press release announcing that it completed the sale of substantially all of
its principal steelmaking and finishing assets and iron ore pellet operations
to United States Steel Corporation. A copy of the press release is attached
hereto as Exhibit 99.1.

         In connection with the closing of the sale, Messrs. Mineo Shimura and
Hideji Endo have announced their resignation from the Company's board of
directors, as anticipated, effective as of the close of business on May 21,
2003. The remaining members of the board of directors of the Company adopted a
resolution praising the distinguished service of Messrs. Shimura and Endo and
wishing them success in their future endeavors. Mr. Edsel D. Dunford has been
elected to succeed Mr. Shimura as chairman of the Company's board of
directors.

         Also in connection with the closing of the sale, on May 21, 2003, the
employment of certain executives of the Company, including Mr. Shimura, the
Company's Chief Executive Officer, was terminated. The board of directors
appointed Mr. Kirk A. Sobecki as the Company's new President. Mr. Sobecki had
been serving as Senior Vice President and Chief Financial Officer prior to the
closing of the sale. The board of directors also appointed Mr. William E.
McDonough as the Company's Vice President, Chief Financial Officer and
Treasurer. Mr. McDonough had been serving as the Company's Vice President and
Treasurer prior to the closing of the sale.

ITEM 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

         (c) Exhibits.

         Exhibit
         Number        Description
         -------       -----------

         99.1          Press Release issued by National Steel Corporation
                       on May 20, 2003.

<page>


                                  SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.



Date: May 21, 2003                        NATIONAL STEEL CORPORATION
                                              Registrant


                                          By: /s/ Kirk A. Sobecki
                                              --------------------------
                                              Kirk A. Sobecki
                                              President
<page>

                                 EXHIBIT INDEX

Exhibit
Number      Description
-------     -----------

99.1        Press Release issued by National Steel Corporation on May 20, 2003.

<page>

                                                                  Exhibit 99.1

[National Steel Logo]

4100 Edison Lakes Parkway
Mishawaka, IN 46545-3440

                                                  Contact:   Tammy Freeman
                                                             (574) 273-7558



             National Steel Completes Sale of Assets to U.S. Steel


Mishawaka, IN - May 20, 2003 - National Steel Corporation today announced that
it completed the sale of substantially all of its principal steelmaking and
finishing assets and iron ore pellet operations to United States Steel
Corporation for an aggregate purchase price of approximately $1.05 billion,
consisting of approximately $850 million in cash and the assumption of certain
liabilities of approximately $200 million.

         The National Steel assets sold to U.S. Steel in the transaction
include: facilities at National's two integrated steel plants, Great Lakes
Steel, in Ecorse and River Rouge, Michigan, and Granite City Division in
Granite City, Illinois; the Midwest finishing facility in Portage, Indiana;
ProCoil, a steel-processing facility in Canton, Michigan; National Steel
Pellet Company, which produces iron ore pellets; and various other
subsidiaries and joint- venture interests, including National's interest in
Double G Coatings, a hot- dip galvanizing and Galvalume(R) steel facility near
Jackson, Mississippi.

         Mineo Shimura, chairman and chief executive officer of National
Steel, said, "We are very pleased to be able to complete this transaction with
U.S. Steel, which we believe is in the best interests of all National Steel
stakeholders and will assure the delivery of the highest level of service to
our customers, while creating opportunities for our employees and plant
communities. We are actively at work with U.S. Steel to ensure a seamless
transition."

         As previously announced, U.S. Steel reached a new labor agreement
with the United Steelworkers of America covering the USWA-represented plants
of U.S. Steel, including the facilities of National Steel sold to U.S. Steel.

         The transaction is expected to provide National Steel sufficient cash
to satisfy all allowed administrative, priority and secured claims. National
Steel intends to file a Chapter 11 plan of liquidation with the U.S.
Bankruptcy Court for the Northern District of Illinois within 30 days of
closing.
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SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT
                    PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

               Date of report (Date of earliest event reported)
                                 May 20, 2003

                          NATIONAL STEEL CORPORATION
 ----------------------------------------------------------------------------
              (Exact Name of Registrant as Specified in Charter)

         Delaware                      1-983                 25-0687210
     ---------------               ----------------        ---------------
 (State or Other Jurisdiction        (Commission           (IRS Employer
        of Incorporation)             File Number)         Identification No.)

4100 Edison Lakes Parkway, Mishawaka, IN                    46545-3440
----------------------------------------                    -----------
(Address of Principal Executive Office)                     (Zip Code)

Registrant's telephone number, including area code: 574-273-7000

                                      N/A
              ---------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)
ITEM 5.  Other Events and Required Regulation FD Disclosure.

         On May 20, 2003, National Steel Corporation (the "Company") issued a
press release announcing that it completed the sale of substantially all of
its principal steelmaking and finishing assets and iron ore pellet operations
to United States Steel Corporation. A copy of the press release is attached
hereto as Exhibit 99.1.

         In connection with the closing of the sale, Messrs. Mineo Shimura and
Hideji Endo have announced their resignation from the Company's board of
directors, as anticipated, effective as of the close of business on May 21,
2003. The remaining members of the board of directors of the Company adopted a
resolution praising the distinguished service of Messrs. Shimura and Endo and
wishing them success in their future endeavors. Mr. Edsel D. Dunford has been
elected to succeed Mr. Shimura as chairman of the Company's board of
directors.

         Also in connection with the closing of the sale, on May 21, 2003, the
employment of certain executives of the Company, including Mr. Shimura, the
Company's Chief Executive Officer, was terminated. The board of directors
appointed Mr. Kirk A. Sobecki as the Company's new President. Mr. Sobecki had
been serving as Senior Vice President and Chief Financial Officer prior to the
closing of the sale. The board of directors also appointed Mr. William E.
McDonough as the Company's Vice President, Chief Financial Officer and
Treasurer. Mr. McDonough had been serving as the Company's Vice President and
Treasurer prior to the closing of the sale.

ITEM 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

         (c) Exhibits.

         Exhibit
         Number        Description
         -------       -----------

         99.1          Press Release issued by National Steel Corporation
                       on May 20, 2003.
SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

Date: May 21, 2003                        NATIONAL STEEL CORPORATION
                                              Registrant

                                          By: /s/ Kirk A. Sobecki
                                              --------------------------
                                              Kirk A. Sobecki
                                              President
EXHIBIT INDEX

Exhibit
Number      Description
-------     -----------

99.1        Press Release issued by National Steel Corporation on May 20, 2003.
Exhibit 99.1

[National Steel Logo]

4100 Edison Lakes Parkway
Mishawaka, IN 46545-3440

                                                  Contact:   Tammy Freeman
                                                             (574) 273-7558

             National Steel Completes Sale of Assets to U.S. Steel

Mishawaka, IN - May 20, 2003 - National Steel Corporation today announced that
it completed the sale of substantially all of its principal steelmaking and
finishing assets and iron ore pellet operations to United States Steel
Corporation for an aggregate purchase price of approximately $1.05 billion,
consisting of approximately $850 million in cash and the assumption of certain
liabilities of approximately $200 million.

         The National Steel assets sold to U.S. Steel in the transaction
include: facilities at National's two integrated steel plants, Great Lakes
Steel, in Ecorse and River Rouge, Michigan, and Granite City Division in
Granite City, Illinois; the Midwest finishing facility in Portage, Indiana;
ProCoil, a steel-processing facility in Canton, Michigan; National Steel
Pellet Company, which produces iron ore pellets; and various other
subsidiaries and joint- venture interests, including National's interest in
Double G Coatings, a hot- dip galvanizing and Galvalume(R) steel facility near
Jackson, Mississippi.

         Mineo Shimura, chairman and chief executive officer of National
Steel, said, "We are very pleased to be able to complete this transaction with
U.S. Steel, which we believe is in the best interests of all National Steel
stakeholders and will assure the delivery of the highest level of service to
our customers, while creating opportunities for our employees and plant
communities. We are actively at work with U.S. Steel to ensure a seamless
transition."

         As previously announced, U.S. Steel reached a new labor agreement
with the United Steelworkers of America covering the USWA-represented plants
of U.S. Steel, including the facilities of National Steel sold to U.S. Steel.

         The transaction is expected to provide National Steel sufficient cash
to satisfy all allowed administrative, priority and secured claims. National
Steel intends to file a Chapter 11 plan of liquidation with the U.S.
Bankruptcy Court for the Northern District of Illinois within 30 days of
closing.