Rouge Industries Holds Annual Shareholders' Meeting, Declares a Second Quarter Dividend

    DEARBORN, Mich., May 17 Rouge Industries, Inc.
held its annual meeting of shareholders on Thursday, May 10, 2001 at Rouge
Steel Company's Training Center in Dearborn, Michigan with more than 120
shareholders, suppliers, customers and employees in attendance.
    During the meeting, the Company's shareholders re-elected three members of
its Board of Directors.  Messrs. Louis D. Camino, the Company's president and
chief operating officer; Shamel T. Rushwin, vice president, Vehicle
Operations, Ford Motor Company and Peter J. Pestillo, chairman and chief
executive officer, Visteon Corporation were elected to three-year terms ending
with the annual meeting in 2004.
    Following the meeting, Mr. Carl L. Valdiserri, the Company's chairman and
chief executive officer, shared some of the highlights of the year 2000.  "One
of the most significant accomplishments of 2000 was Rouge Steel being named
steel 'Supplier of the Year' by General Motors Corporation.  It's particularly
gratifying to me that our people can remain so focused on providing superior
value to our customers during a period of such economic turmoil in the
domestic steel industry," said Mr. Valdiserri.  Other cited accomplishments
included improving the Company's safety performance, increasing the Company's
hot dip galvanized sales by 37% to 330,000 tons, negotiating a new four-year
labor agreement with the UAW, and making substantial progress toward an
insurance claim settlement with the Company's insurers relating to the 1999
Powerhouse explosion and fire.
    Mr. Valdiserri also expressed his disappointment with the Company's
financial results, steel prices, which are at a 20-year low due primarily to
unfairly traded steel imports, the impact of the delayed launch of the co-
generation power plant, higher energy prices and the softening automotive
order book.
    In its regular meeting, the Company's Board of Directors approved a second
quarter cash dividend of two cents ($0.02) per share payable on July 20, 2001
to shareholders of record at the close of business on July 6, 2001.  The Board
of Directors also approved a capital expenditure of $3.2 million to replace
the Hot Strip Mill's finishing mill computer system, which was damaged by a
series of power interruptions following the February 1999 Powerhouse explosion
and fire.

    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
climate, the supply of or demand for and the pricing of steel products in the
Company's markets, potential environmental liabilities 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.

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