Esmark, Inc. confirmed that it will not participate in the purchase process for U.S. Steel Corporation. “Esmark had previously stated its intention to bid for, and negotiate a purchase with, U.S. Steel. Esmark respects the position of the United Steelworkers (USW) which is supporting Cleveland Cliff’s offer for U.S. Steel. Esmark maintains a solid working and personal relationship with the USW organization and its leadership,” the company stated in a press release. “The USW was our partner in the successful acquisition of Wheeling Pittsburgh Steel, and we remain close with them. 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,” added Jim Bouchard, Esmark Chairman and CEO.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on X:
- Esmark Bows to Union, Withdraws Bid to Acquire U.S. Steel (NYSE:X)
- U.S. Steel (NYSE:X) Clarifies that Union Can’t Block Acquisition
- Cleveland-Cliffs sends letter to U.S. Steel over right to bid provisions
- U.S. Steel (NYSE:X) Rises as Bidding War Intensifies
- U.S. Steel rumor highlighted in Betaville blog