Severstal purchases assets of Rouge Industries

Severstal purchases assets of Rouge Industries

According to latest industry news, Russia's second largest steel producer Severstal has reached a take-over agreement with US carbon steel mill Rouge Industries. In line with the agreement, Severstal will possess all assets of Rouge Industries. The officials of Rouge Industries state that the company will continue operations and serve for customer requirements. Furthermore, they add that the sales of the assets to Severstal is a part of Rouge Industries reorganization plan, which is realized with the purpose of providing maximum consideration of the company's creditors as well as ensuring the financial capacity and the employees of the company.