About 10 days after
disclosing a bid to acquire United States Steel Corp., Sewickley,
Pennsylvania-based Esmark Inc. has announced it will not participate in the
purchase process for the Pittsburgh-based steel producer.
“Esmark respects the position of
the United Steelworkers (USW), which is supporting Cleveland-Cliffs’ offer for
U.S. Steel,” states the firm in its August 23 announcement. Esmark says it
maintains “a solid working and personal relationship with the USW organization
and its leadership.”
“The USW was our partner
in the successful acquisition of Wheeling-Pittsburgh Steel, and we remain close
with them,” says Jim Bouchard, board chair and CEO of Esmark. “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.”
Esmark describes itself
as a processor and distributor of value-added flat-rolled steel and as the
third-largest U.S. producer of tin plate steel.
When Esmark announced its bid August
14, Bouchard had commented, “This is an exciting time as the entire American
steel industry is restructuring, and with Esmark’s long-standing history of
excellence, we are anxious to continue to grow and we’re well positioned to
come in and operate.”