Rouge Industries Announces Asset Purchase Agreement With Severstal
November 24, 2003
Rouge Industries, Inc., Dearborn, Mich., signed an asset purchase agreement with Severstal for the sale of substantially all of the assets of Rouge Industries. The transaction, which is targeted for completion by the end of January 2004, is valued at approximately $215 million. On October 23, 2003, Rouge Industries, Inc. and its primary subsidiaries, Rouge Steel Company, QS Steel Inc. and Eveleth Taconite Company, filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Rouge Steel Company continues to operate its steelmaking facilities and ship steel products to its customers.