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.
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