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Loan program may help save Rouge Steel; Would fund new way to make steel.(Federal Emergency Steel Loan Guarantee Program, Rouge Industries Inc., electric-arc furnaces)(Brief Article)
Crain's Detroit Business, April, 2002 by Kosdrosky, Terry
Rouge Industries Inc. may radically change the way it makes steel if the company lands a government-backed loan. The Dearborn-based steel mill plans to replace its blast and oxygen furnaces with two new electric-arc furnaces, CEO Carl Valdiserri said last week. That's if the company's application to the Federal Emergency Steel Loan Guarantee Program is approved.
Rouge (NYSE: ROU) would be one of the first integrated U.S. steel companies to switch completely to electric-arc furnaces if the loan is approved, analysts said. Financially ailing Rouge needs to save money, and electric-arc furnaces are cheaper to operate. The federal program allows steel companies to obtain funding from a local bank but secure it with the backing of the U.S. government....
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