[2] After NASSCO applied for a $62.3 million loan from the United States-based Eximbank to fund projects, the latter suggested a transfer of the facilities' management to the private entity.

The company was sold in 1963 to Iligan Integrated Steel Mills, Inc. of the Jacinto family.

[2] NSC was severely affected by the 1997 Asian financial crisis which caused it to be unable to counter the dumping of cheap imported steel in the Philippine market.

[2] The city government of Iligan has attempted to auction off the 400-hectare steel mill in 2016 but there were no interested bidders.

[3][4] The local government of Iligan is also attempting to reopen the defunct steel mill.