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Esmark has withdrawn its bid for U.S. Steel.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

SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant

ArcelorMittal’s EAF in Alabama expects first heat in Q2
The facility at AMNS Calvert will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material.

Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.

SSAB reports higher production, shipments
But profits slipped vs. last year.

Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.