EX-99.4 5 y96330exv99w4.txt CONFORMED COPY OF OPERATING REPORT Exhibit 99.4 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE IN RE: ROUGE INDUSTRIES, INC., ET AL CASE NO.: 03-13272 DEBTORS REPORTING PERIOD: January, 2004 MONTHLY OPERATING REPORT FILE WITH COURT AND SUBMIT COPY TO UNITED STATES TRUSTEE WITHIN 20 DAYS AFTER END OF MONTH Submit copy of report to any official committee appointed in the case.

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ Gary P. Latendresse 3-10-04 ------------------------------ ------------------------------ Signature of Debtor Date ------------------------------ ------------------------------ Signature of Joint Debtor Date /s/ Steven L. Victor 3-10-04 ------------------------------ ------------------------------ Signature of Authorized Individual* Date ------------------------------ ------------------------------ Printed Name of Authorized Individual Title of Authorized Individual *Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. FORM MOR (9/99) IN RE: ROUGE INDUSTRIES, INC., ET AL CASE NO.: 03-13272 REPORTING PERIOD: January, 2004 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1) . Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT.)]

NOTES: Please see the attached excerpt from the Debtors' 13-week forecast, which details cash receipts and disbursements during the period, and compares these results against the forecast that was in place immediately prior to the beginning of the subject month. A copy of the January bank statement for the Rouge Industries account (#1850844851) is attached. The QS Steel account (#1850886647) was closed on January 30, 2004. All of the Debtors' remaining bank accounts except the Rouge Industries (#1850844851) and Rouge Steel Company Travel (#1076119823) accounts, were transferred to SeverStal N.A. on January 30, 2004 in conjunction with the execution of the Asset Purchase Agreement ("APA"). The Estate established a money market Investment Account on February 5, 2004 into which proceeds from the asset purchase will be transferred. All cash proceeds from the SeverStal transaction were initially deposited in the Rouge Industries account until such time as those funds could be transferred to the Estate Investment Account. In addition to the Debtors' unrestricted bank accounts as of January 31, 2004, Estate funds have been escrowed as follows: (i) $10.5M as cash collateral for outstanding letters of credit, (ii) $2.2M for the payment of professional fees and outstanding checks per the terms of the DIP credit agreement, and (iii) $6.6M for the payment of property taxes and mechanics' liens. THE DEBTORS RECONCILE THEIR BANKS STATEMENTS AGAINST THE BOOKS AND RECORDS OF THE COMPANY IN THE ORDINARY COURSE OF BUSINESS, ON OR ABOUT THE END OF EACH MONTH. PER AGREEMENT WITH THE OFFICE OF THE U.S. TRUSTEE, NO SEPARATE BANK RECONCILIATIONS ARE REQUIRED TO BE FILED IN CONJUNCTION WITH THIS MONTHLY OPERATING REPORT PROVIDED THAT SUCH RECONCILIATIONS HAVE BEEN COMPLETED BY THE DEBTOR. FORM MOR-1 (9/99) ROUGE INDUSTRIES, INC. CASE NO.: 03-13272 Cash Receipts / Disbursements REPORTING PERIOD: January, 2004 January 2004

IN RE: ROUGE INDUSTRIES, INC., ET AL CASE NO.: 03-13272 REPORTING PERIOD: January, 2004 CONSOLIDATING STATEMENT OF OPERATIONS in $ millions The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

*"Insider" is defined in 11 U.S.C. Section 101(31). NOTES (1) Net of pre-petition retainers applied. FORM MOR-2 IN RE: ROUGE INDUSTRIES, INC., ET AL CASE NO.: 03-13272 REPORTING PERIOD: January, 2004 STATEMENT OF OPERATIONS - CONTINUATION SHEET in $ millions CUMULATIVE BREAKDOWN OF "OTHER" CATEGORY DECEMBER, 2003 FILING TO DATE OTHER COSTS PER AGREEMENT WITH THE OFFICE OF THE U.S. TRUSTEE, THIS PAGE LEFT INTENTIONALLY BLANK OTHER OPERATIONAL EXPENSES OTHER INCOME OTHER EXPENSES OTHER REORGANIZATION EXPENSES REORGANIZATION ITEMS - INTEREST EARNED ON ACCUMULATED CASH FROM CHAPTER 11: Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item. FORM MOR-2 (CONT.) (9/99) IN RE: ROUGE INDUSTRIES, INC., ET AL CASE NO.: 03-13272 REPORTING PERIOD: January, 2004 CONSOLIDATING BALANCE SHEET in $ millions The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.

*"Insider" is defined in 11 U.S.C. Section 101(31). Pension Related Assets represent the funded portion of the Debtors' pension accounts which was not acquired by SeverStal per the terms of the Asset Purchase Agreement ("APA"). Substantially all of the Debtors' assets were acquired on January 30, 2004 by SeverStal N.A. in exchange for cash and other consideration pursuant to the terms of the APA. The APA was authorized by an order of the Court on December 2, 2003, subsequently amended and executed on January 30, 2004. IN RE: ROUGE INDUSTRIES, INC., ET AL CASE NO.: 03-13272 REPORTING PERIOD: January, 2004 BALANCE SHEET - CONTINUATION SHEET in $ millions ASSETS BOOK VALUE @ Other Current Assets 1/31/04 PER AGREEMENT WITH THE OFFICE OF THE U.S. TRUSTEE, THIS PAGE LEFT INTENTIONALLY BLANK. Other Assets LIABILITIES AND OWNER EQUITY BOOK VALUE @ Other Postpetition Liabilities 1/31/04 Adjustments to Owner Equity Postpetition Contributions (Distributions) (Draws) Restricted Cash: Cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated into a separate account, such as an escrow account. FORM MOR-3 (CONT.) (9/99) IN RE: ROUGE INDUSTRIES, INC., ET AL CASE NO.: 03-13272 REPORTING PERIOD: January, 2004 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period. THE DEBTORS HAVE TIMELY FILED RETURNS AND MADE PAYMENTS FOR ANY TAX LIABILITIES INCURRED DURING THE POST-PETITION PERIOD.

SUMMARY OF UNPAID POSTPETITION DEBTS Attach aged listing of accounts payable.

EXPLAIN HOW AND WHEN THE DEBTOR INTENDS TO PAY ANY PAST-DUE POSTPETITION DEBTS. The Debtor continues to accrue interest on secured loans made by Ford and Cleveland-Cliffs, but does not intend to pay such accrued amounts before the end of the case or such time as those claims can be resolved. *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-4 (9/99) IN RE: ROUGE INDUSTRIES, INC., ET AL CASE NO.: 03-13272 REPORTING PERIOD: January, 2004 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

DEBTOR QUESTIONNAIRE

Substantially all of the Debtors' assets were acquired on January 30, 2004 by SeverStal N.A. in exchange for cash and other consideration pursuant to the terms of the Asset Purchase Agreement ("APA"). The APA was authorized by an order of the Court on December 2, 2003, subsequently amended and executed on January 30, 2004. FORM MOR-5 (9/99) [COMERICA LOGO] STATEMENT PERIOD January 01, 2004 Thru January 31, 2004 STATEMENT OF ACCOUNT ____ ____ ____ 80149 ROUGE INDUSTRIES INC PO BOX 1639 DEARBORN, MI 48121-1639 FOR INQUIRIES, WRITE OR CALL COMERICA BANK PO BOX 75000 DETROIT, MI 48275-8149 (313) 564-5717 HEARING IMPAIRED (TDD 800 822-6546) ________________________________________________________________________________ BUSINESS CHECKING ACCOUNT SUMMARY ________________________________________________________________________________

________________________________________________________________________________ ACCOUNT NUMBER BUSINESS CHECKING ACCOUNT DETAIL 1850844851 ________________________________________________________________________________ OTHER ADDITIONS

DAILY BALANCE SUMMARY

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ROUGE INDUSTRIES INC 8-K