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    Market Segment

    August 24, 2023

    Esmark Steps Back From Offer for U.S. Steel

    Written by Ethan Bernard

    Esmark has withdrawn its bid for U.S. Steel.

    The Sewickley, Pa.-based company said it “respects the position of the United Steelworkers (USW), which is supporting Cleveland-Cliffs’ offer for U.S. Steel.”

    “The U.S. Steel board must go through their process that they previously announced,” Jim Bouchard, Esmark’s chairman and CEO, said in a statement on Wednesday.

    “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,” he added.

    Recall that the union has transferred to Cliffs its right to bid on the sale of U.S. Steel.

    Esmark had made an offer of $35 per share, valued at $7.8 billion, on Monday, Aug. 14.

    Esmark Steel Group, a wholly owned subsidiary of Esmark Inc., is a processor and distributor of value-added flat-rolled steel and a producer of tin-plate steel.

    Talks between U.S. Steel and Cleveland-Cliffs remain ongoing after U.S. Steel rejected Cliffs’ initial bid.

    Ethan Bernard

    Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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