Big Law

Esmark Scraps Bid to Purchase U.S. Steel

Privately held steel company Esmark said on Wednesday it would not participate in the purchase process for U.S. Steel Corp and respect the position of the United Steel Workers (USW) union, which is supporting Cleveland-Cliffs’ offer.

Last week, Esmark made an offer to buy U.S. Steel for $35 per share, or an equity value of $7.8 billion.

Esmark’s exit leaves Arcelor-Mittal as the only known potential challenger to Cleveland-Cliffs, which went public with its bid for U.S. Steel earlier in August.

Read the source article at Yahoo Finance

Back to top button