Esmark drops out of US Steel bidding

About 10 days after disclosing a bid to acquire United States Steel Corp., Sewickley, Pennsylvania-based Esmark Inc. 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,” the firm says in an Aug. 23 announcement, adding that 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,” Esmark CEO Jim Bouchard says. “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 is  a processor and distributor of value-added flat-rolled steel and the third-largest U.S. producer of tin plate steel.

When Esmark announced its bid Aug. 14, Bouchard had said, “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.”