Esmark scraps bid for U.S. Steel

Privately held steel company Esmark has announced that it will not participate in the purchase process for U.S. Steel and will respect the position of the United Steel Workers union, which is supporting Cleveland-Cliffs' offer.

reuters.com

Relevant topic timeline:

8/24/2023

Behind nixed $7.8 billion US Steel deal, a familiar name in Chicago biz

US Steel Corp. is reviewing takeover proposals from multiple parties, including a rejected offer from domestic rival Cleveland-Cliffs Inc., and a higher, all-cash proposal from steel distributor Esmark Inc., which has since withdrawn its pursuit due to the United Steelworkers union's support for Cliffs.

8/29/2023

The 122-year-old US Steel is reviewing "numerous" buyout offers

U.S. Steel, which recently rejected buyout offers from Cleveland-Cliffs and Esmark, is reviewing multiple offers as it shares due diligence information with potential buyers, with soaring prices fueling consolidation in the steel industry.