Rouge seals $215 mln takeover by Russia Severstal; aka Rouge Steel

[Purveyor]

MOSCOW, Nov 22 (Reuters) - Rouge Industries Inc. <RGID.OB>, parent of Rouge Steel, has announced it will be acquired by Russia's steel producer Severstal for around $215 million.

<snip>
Rouge, the in-house steelmaking unit for Ford Motor Co. (nyse: F - news - people) until 1989, said the deal was subject to bankruptcy court approval as well as a series of other conditions, including a new collective bargaining agreement with trade unions. Severstal, based in the town of Cherepovets north of Moscow, was not available for comment.

If the sale goes through, it would be the Russian company's first investment in the U.S. steel industry. Severstal is one of Russia's top three steel producers.

[Don_G]

1. May We Have The Link Please?

Just hit "Edit" and include it in the origonal post.

[TreasonousBastard]

2. Try this one:

http://www.forbes.com/home_asia/newswire/2003/11/22/rtr1157760.html

Mildly disturbing that now the broke Russians are looking at gobbling up our rustbelt industries.

Lotsa fun opportunities for commentary on that for anyone who cares to.