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.