Esmark Ends Pursuit of U.S. Steel
By
Metal Center News Staff on
Aug 25, 2023Esmark, Inc. will not participate in the purchase process for U.S. Steel Corporation, the company announced. Esmark had previously stated its intention to bid for, and negotiate a purchase with, U.S. Steel.
Citing the United Steelworkers support of Cleveland-Cliffs offer for U.S. Steel, Esmark will not pursue the acquisition of the steelmaker. Esmark maintains a solid working and personal relationship with the USW organization and its leadership.
“The USW was our partner in the successful acquisition of Wheeling-Pittsburgh Steel, and we remain close with them," said Jim Bouchard, Esmark chairman and CEO. “The U.S. Steel board must go through their process that they previously announced. We wish them the best during this process, and we will evaluate any opportunities in connection with that process, subject to support from the USW.”
Esmark Steel Group, a wholly owned subsidiary of Esmark, Inc., is one of the United States’ largest processors and distributors of value-added flat-rolled steel and the third-largest U.S. producer of tin plate steel.