Esmark bids for Mittal's Sparrows Point

Esmark is eying Mittal Steel USA's Sparrows Point integrated mill and has made an offer to buy. The value of the bid is unknown, however Esmark and Mittal are currently in discussions. Esmark's president, Craig T. Bouchard, stated, “We have expressed interest to Mittal and believe there is a good strategic fit for Esmark.” Mittal Steel is being forced to sell its Sparrows Point mill by the US Department of Justice in order to prevent its monopolization of the tin plate business. The plant must be sold by May 21 of this year unless a 60-day extension is granted to settle the antitrust issues raised by its proposed $33 billion purchase of Arcelor. The acquisition of Sparrows Point would enable Esmark to provide its customers with an additional 3.5 million tons of steelmaking capacity. The plant, which has the one of the largest and most efficient blast furnaces in North America, produces steel slabs and galvanized sheet for appliance manufacturers and the construction industry.