Pennsylvania-based Esmark Inc. has put in a rival bid for the U.S. Steel Corp.
Cleveland-Cliffs had offered a 50-50 split of cash and shares of its stock for the company earlier this month. But Esmark says it can pay $35 cash per share, according to a press release.
Founded in 1901, U.S. Steel serves the automotive, construction, appliance, energy, containers and packaging industries.
James Bouchard, Chairman and CEO of Esmark Inc., said his 40 years of experience in the steel industry makes his company the right choice to operate U.S. Steel.
“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,” he said.
Bouchard was vice resident-commercial for U.S. Steel in Europe before he founded Esmark in 1995. In 2003, the company acquired two Chicago-area steel services companies: Electric Coating Technologies and Sun Steel. Since then Bouchard has reimagined his company twice, now operating at Esmark III.
