Esmark on Wednesday said it wouldn’t make a bid for steel maker United States Steel Corp. following an offer from miner and steel producer Cleveland-Cliffs...
Esmark on Wednesday said it wouldn’t make a bid for steel maker United States Steel Corp. X, -2.22%, following an offer from miner and steel producer Cleveland-Cliffs Inc. CLF, +0.80% that had stronger union support. Esmark, a privately held family operation with interests in the industrial and commodity spaces, announced an all-cash offer for U.S. Steel earlier this month.
The company said it “respects the position of the United Steelworkers 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.” Esmark’s chief executive, Jim Bouchard, said that the USW union “was our partner in the successful acquisition of Wheeling Pittsburgh Steel, and we remain close with them.” Shares of U.S. Steel fell 1.6% on Wednesday.
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