Essar and Severstal may be in race for Wheeling Pittsburgh Corp.

Friday, 25 April 2008 14:30:39 (GMT+3)   |  
       

Indian steel producer Essar Steel and Russian steel giant Severstal may be competing to acquire West Virginia-based flat rolled steelmaker Wheeling-Pittsburgh Steel Corporation, a wholly-owned subsidiary of Esmark.

As per reports, bidding for Wheeling Pittsburgh Corp. started last week.

Essar and Severstal have almost equal chances of winning the contest for the loss-incurring US flats producer, with both being eager to extend their presence in the North American market. So far Severstal has been a bit more successful in pursuing its expansion plans, beating Essar in the Sparrows Point buyout.


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