Rouge Industries, Inc. Responds to Recent Market Activity in its Common Stock
28 October 2003 - 7:12AM
PR Newswire (US)
Rouge Industries, Inc. Responds to Recent Market Activity in its
Common Stock DEARBORN, Mich., Oct. 27 /PRNewswire-FirstCall/ --
Rouge Industries, Inc. (BULLETIN BOARD: RGID) announced today that
while it is not the Company's policy to comment on market rumors,
in view of the recent trading activity in the Company's stock, the
Company has decided to issue the following statement: As reported
in the press, the Company has entered into a non-binding letter of
intent with Severstal. The Severstal transaction is subject to a
number of significant conditions, including receipt of Bankruptcy
Court approval after the conduct of an auction. There can be no
assurance the proposed Severstal transaction or any other
transaction will be consummated nor can there be any assurance that
any such transaction will yield sufficient proceeds after the
payment of all debts and expenses to make any distribution to
stockholders. Indeed, it is likely that there will be no recovery
for the Company's stockholders. The Company does not intend to
comment further on these matters. Safe Harbor Statement This press
release contains forward-looking information about the Company. A
number of factors could cause the Company's actual results to
differ materially from those anticipated, including changes in the
general economic or political climate, the supply of or demand for
and the pricing of steel products in the Company's markets, plant
operating performance, product quality, potential environmental
liabilities, the availability and prices of raw materials,
supplies, utilities and other services and items required by the
Company's operations, the level of imports and import prices in the
Company's markets, the availability of sufficient cash to support
the Company's operations and higher than expected costs. For
further information on these and other factors that could impact
the Company and the statements contained herein, reference should
be made to the Company's filings with the Securities and Exchange
Commission. DATASOURCE: Rouge Industries, Inc. CONTACT: Phyllis J.
Holmes, analysts, +1-313-323-2765, or William E. Hornberger, media,
+1-313-323-1850, both of Rouge Industries, Inc. Web site:
http://www.rougeindustries.com/
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