Severstal submits highest bid for Rouge Industires

Newswire

NEW YORK, Dec 22 (Reuters) - Bankrupt Rouge Industries Inc. said Russian steelmaker Severstal submitted the highest bid for Rouge's assets, valued at about $285.5 million, trumping United States Steel Corp. in an auction on Saturday. Rouge, the in-house steelmaking unit for Ford Motor Co. until 1989, said its board of directors will recommend the United States Bankruptcy Court for the District of Delaware approve Severstal's bid in a hearing scheduled for Monday. Dearborn, Michigan-based ...

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