Esmark Withdraws Bid for US Steel as Union Backs Cleveland-Cliffs
Esmark has abandoned its pursuit of US Steel after the union expressed support for Cleveland-Cliffs' bid.
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"US Steel's Future Hangs in the Balance as Acquisition Offers and Rumors Swirl"
Esmark Inc CEO, James Bouchard, claims to have $10 billion in cash available for its $7.8 billion bid for U.S. Steel Corp. Esmark unveiled its offer after Cleveland-Cliffs Inc made a $7.3 billion bid for U.S. Steel, which was rejected. Bouchard did not provide further details to verify his access to the cash, but stated that an international bank was advising him and willing to lend. U.S. Steel welcomed Esmark to participate in its strategic alternatives process. Bouchard, a former U.S. Steel executive, said Esmark is the third largest steelmaker in the country.