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Esmark has withdrawn its bid for U.S. Steel.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

Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.

Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.

Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.

Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.

Cliffs to idle Dearborn blast furnace, restart Cleveland furnace by July
Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.