Posted in | News | Ferrous Alloys and Metals | Non-Ferrous Alloys and Metals | Precious Metal | Iron and Steel

Russia’s Silverstal Favoured to Buy Rouge Industries

Nov 25 2003

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Rouge Industries, another bankrupt US steel maker currently under Chapter 11 bankruptcy protection since October 23rd, is set to be bought by Russia’s Silverstal in a deal expected to close in the first quarter of 2004, pending regulatory approvals.

Silverstal, one of Russia’s top three steel makers, will pay $215 million for Rouge Industries, which was formerly an in-house Ford operation.

Currently Silverstal has been awarded lead bidder status by the US Bankruptcy court. Any counter bids are due in by December 18, with US Steel known to be interested.

For more information on steel manufacture, click here.

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