Esmark, Inc. has announced a voluntary public cash and exchange offer concerning all issued and outstanding shares in the U.S. Steel Corporation (NYSE:X) (“U.S. Steel”) at a rate of USD 35 per share. The initial offer period will run from 14 August 2023 to 30 November 2023, and might possibly be extended. The offer will probably be closed in the 4th quarter of 2023, subject to regulatory and anti-trust clearances.
“With more than 40 years of steel industry experience, and as a former executive and legal representative of U.S. Steel, I have significant intimacy with the steel business in the U.S. And around the globe”, said James P. Bouchard, chairman and CEO of Esmark, Inc. and member of the executive committee of the American Steel Institute and the European Steel Association (Eurofer). Bouchard has long held the role of chairman and CEO of Esmark/Wheeling Pittsburg Steel (ticker symbol: ESMK). Under Bouchard’s leadership, Esmark/Wheeling Pittsburg was the fourth largest steel company in the USA.
Bouchard continued, “This is an exciting time as the entire American steel industry is restructuring, and with Esmark’s long-standing history, we are anxious to continue to grow and we’re well positioned to come in and operate.”
The United States Steel Corporation, founded in 1901, is a steel producer counting the automotive, construction, household appliance, energy, container and packaging industries among its customers.
Before the foundation of Esmark, Bouchard was Vice President-Commercial of U.S. Steel in Europe and lived in Kosice in Slovakia. He was a member of the management team sent by U.S. Steel to Kosice after acquisition of the Slovakian national steel company (VSZ).
Bouchard was part of the successful commercial restructuring, implementation and ensuing growth strategy of the European sales, marketing, strategy planning and customer service initiatives launched by the company. He assumed responsibility for the commercial activities of the company in 42 countries. The site in Kosice became the most profitable asset of U.S. Steel during this time.
The Esmark Steel Group, a wholly-owned subsidiary of Esmark, Inc., is a leading processing and sales company for high-quality flat steel in the United States and the third-largest producer of tin plate in the USA. The group offers products, services and innovations that help customers create and maintain advantages over the competition in their respective sectors.
