Pittsburgh-based steel processor and distributor Esmark has announced that it took a step back from the acquisition process for US Steel Corporation in order to maintain close relations with the United Steelworkers (USW) union.
As SteelOrbis reported previously, the company revealed its intention to acquire US Steel and made an offer of $7.8 billion in cash, rivaling Cleveland-Cliffs’ bid corresponding to about $7.3 billion.
However, the USW stated that the union would not endorse any company other than Cleveland-Cliffs for the proposed acquisition of US Steel.
“The USW was our partner in the successful acquisition of Wheeling Pittsburgh Steel, and we remain close with them,” Jim Bouchard, Esmark, Inc., Chairman & CEO, stated.
Apart from Cleveland-Cliffs and Esmark, the world’s second largest steelmaker ArcelorMittal also showed interest in US-based steel company.
