Michigan-based Rouge Industries Inc’s. principal operating subsidiary, Rouge Steel Company, and its primary insurer, FM Global, have settled all outstanding insurance claims related to the Feb. 1, 1999, Rouge Complex Powerhouse explosion and fire.
The settlement’s final result was a payment of $45.2 million to Rouge Steel, bringing the total amount of insurance recovery proceeds from all of the company’s insurers to $343.3 million, which included compensation for the loss of the use of these assets. The final accounting of this settlement will go in Rouge Industries’ financial results for the second quarter 2001.
The Powerhouse explosion and ensuing fire shut down Rouge Steel’s manufacturing operations for 11 days and idled the Company’s main operations for nearly 100 days while the damaged steel-making equipment was fixed and temporary steam and electrical facilities infrastructure were rebuilt.
Was this article valuable?
Here are more articles you may enjoy.
Industry Reacts to Senators’ Letter for Claims Data and Recent Reports 
Gronkowski Now Pitchman for eMaxx, a Reciprocal With a Different Playbook 
Zurich Insurance Completes Acquisition of Beazley, Names New Beazley CEO 
Union Pacific Railroad Fined $304K for Firing Employee During Severe Weather 
