From staff and wire reports

AK Steel raises bid for National

Middletown's AK Steel Holding Corp. increased its offer for National Steel Corp. to $1.13 billion, and National asked a bankruptcy judge to give most-favored status to its bid over a rival offer from U.S. Steel Corp.

AK Steel's offer was raised by $100 million and includes $925 million in cash - $175 million more cash than U.S. Steel's $950 million bid.

Having the lead, or "stalking-horse" bid, means that AK Steel would get a $15 million breakup fee if it's unsuccessful at auction.

AK Steel would more than double its production capacity with National Steel's assets.

National Steel, which is in Chapter 11 bankruptcy, said Thursday that it agreed to sell most of its assets, including the National Steel Pellet Co. in Keewatin, Minn., to AK Steel. The company had previously signed a similar agreement with U.S. Steel that didn't include the pellet company.

If AK Steel is accepted by the court as the "stalking horse," a rival must bid $17 million more to top it.

Midland will raise dividend amount

Midland Co., the Amelia-based insurance company, said Thursday that its board of directors approved an 8.6 percent increase in the annual stock dividend.

The increase, payable April 3 to shareholders of record March 20, means that Midland will pay 19 cents a share yearly, up from 17‡ cents.