- 2001
Respondent National Steel is one of the largest integrated steel manufacturers in the U.S. The SEC found that, among other accounting errors, respondent materially over-accrued reserve accounts by approximately $51 million, and gradually reduced the reserves without disclosure, simultaneously inflating its income. This improper “accretion” tactic was directed by respondent´s Controller and Vice President of finance, Carl M. Apel, and materially inflated the income reported to investors in at least two quarters in 1996 and one quarter in 1997.
