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BUSINESS
October 13, 1989 | From Associated Press
Ford Motor Co. said Thursday that it agreed to sell its Rouge Steel Co. to an investor group that includes a retired chief operating officer of Weirton Steel. Few details of the deal, including the price, were released. Ford Vice President Peter Pestillo said he hoped that the deal could be completed by the end of the year. Separately, the auto maker said it has formed a holding company to dull the potential tax sting of its pending acquisition of the Associates finance company.
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BUSINESS
October 13, 1989 | From Associated Press
Ford Motor Co. said Thursday that it agreed to sell its Rouge Steel Co. to an investor group that includes a retired chief operating officer of Weirton Steel. Few details of the deal, including the price, were released. Ford Vice President Peter Pestillo said he hoped that the deal could be completed by the end of the year. Separately, the auto maker said it has formed a holding company to dull the potential tax sting of its pending acquisition of the Associates finance company.
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BUSINESS
July 12, 1989 | From Reuters
Ford Motor Co. said today a bidder for its Rouge Steel Co. subsidiary, believed to be Worthington Industries Inc., is no longer interested in acquiring the unit, but the auto maker said it still is seeking a partner to run the steel firm. The head of Rouge Steel, David Blackwell, said in a letter to the division's 3,000 employees that the company must cut costs in order to be competitive.
BUSINESS
July 12, 1989 | From Reuters
Ford Motor Co. said today a bidder for its Rouge Steel Co. subsidiary, believed to be Worthington Industries Inc., is no longer interested in acquiring the unit, but the auto maker said it still is seeking a partner to run the steel firm. The head of Rouge Steel, David Blackwell, said in a letter to the division's 3,000 employees that the company must cut costs in order to be competitive.
NATIONAL
March 29, 2003 | From Times Wire Reports
Thousands of guns taken from robbers, burglars, drug dealers and other criminals have been melted down into steel. Detroit police took 5,037 guns that had jammed their property room to the Rouge Steel Co. plant in Dearborn, where they were turned into recycled steel. Some of the guns dated to the 1970s.
BUSINESS
November 21, 2006 | From the Associated Press
Russia's biggest steelmaker, Evraz Group, said it was buying Oregon Steel Mills Inc. for $2.3 billion in cash, making it one of the largest investments ever by a Russian company in the U.S. economy. Oregon Steel employs about 1,000 at a Colorado steel plant, 400 in Alberta, Canada, and 600 in Portland, Ore., where the company is based. The combined company would produce more than 16.8 million metric tons of crude steel a year and would have more than 17.4 million tons of steel shipments in 2006.
BUSINESS
January 31, 1990 | From Associated Press
Ford Motor Co. disclosed Tuesday that it may take a charge of up to $500 million against 1989 earnings because it sold its Rouge Steel Co. subsidiary for less than book value. In a filing with the Securities and Exchange Commission, Ford also said it is projecting North American production for the first quarter of 1990 to be off 25% from the same period in 1989, following a 13% decline in the quarter just ended.
BUSINESS
February 16, 1990 | FREDERICK STANDISH, ASSOCIATED PRESS
Fourth-quarter profits plunged 50% at General Motors Corp. and 72.9% at Ford Motor Co. as the nation's biggest auto makers on Thursday showed the impact of slow sales and costly buyer incentives. The quarterly results completed a sharp drop in annual earnings for the nation's Big Three auto makers, which have been struggling with an industrywide slump that has prompted plant closings and thousands of layoffs. The results at GM, Ford and Chrysler Corp.
BUSINESS
February 15, 1990 | From Associated Press
General Motors Corp. earnings fell by 50% and Ford Motor Co.'s profit tumbled by 72.9% in the fourth quarter, the nation's biggest auto makers reported today in results that reflect their industry's recession. GM, the nation's biggest corporation, posted a profit of $700.2 million, in the three months ended Dec. 31, compared with earnings of $1.4 billion during the fourth quarter of 1988. GM's fourth-quarter earnings tumbled to $1.01 per share of common stock, compared with $2.
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