Rouge Industries Inc. of Dearborn, MI, says it intends to sell most of its assets to Severstal, the second-largest steel producer in Russia. Rouge and its wholly owned subsidiaries, Rouge Steel Co., QS Steel Inc. and Eleveth Taconite Co., have filed for Chapter 11 bankruptcy protection, but Rouge says there will be no interruption of service to customers. It has secured $150 million in debtor-in-possession financing that will be used in part to pay employees and suppliers. Some 2,600 people ...
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