Steel Mills

Esmark Steps Back From Offer for U.S. Steel
Written by Ethan Bernard
August 24, 2023
Esmark has withdrawn its bid for U.S. Steel.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
Read more from Ethan BernardLatest in Steel Mills

Op-Ed: Ternium CEO Máximo Vedoya wants a fair future forged in steel
After recently receiving an industry honor on behalf of Ternium, I had the opportunity to reflect and share my vision on the state and future of our industry.

Nippon eyeing new $4B U.S. Steel mill to sweeten deal: Report
Nippon Steel could build a new domestic U.S. Steel mill with a total investment of $4 billion.

Nucor cuts CSP by $20/ton, third straight drop
Nucor has lowered its consumer spot price by $20 per short ton, marking the third consecutive weekly decrease.

Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.

Cliffs talks DOE funding, blast furnace relining schedule
The future of two projects supported in part by funding through the Department of Energy remains uncertain.