In the midst of the ongoing competition for the acquisition of US Steel, yet another rival steel producer has entered the fray.

Esmark has made a significant move by publicly proposing an all-cash acquisition of US Steel at a rate of $35 per share on Monday.

Esmark’s offer timeline spans from August 14, 2023, to November 30, 2023, with the possibility of an extension, CNN reported.

James Bouchard, CEO of Esmark and a former executive at US Steel, conveyed in a statement that this juncture signifies an exciting phase for the American steel industry.

He emphasized Esmark’s storied record of excellence and its readiness to foster growth and effective operation.

This development swiftly followed news of Cleveland-Cliffs, another competitor, being engaged in negotiations for the potential purchase of US Steel.

Written by staff