Steel service center Esmark ended its $35 all-cash bid for United States Steel.
One of the bidders vying for United States Steel has dropped out of the race. Fewer viable bidders means a lower stock price for U.S. Steel, for now.
“The USW was our partner in the successful acquisition of Wheeling Pittsburgh Steel, and we remain close with them,” said Esmark CEO Jim Bouchard in a news release. ” We wish [U.S. Steel] the best during this process, and we will evaluate any opportunities in connection with that process, subject to support from the USW.”
Esmark offered $35 in cash on Aug. 14 and Reuters reported on Aug. 16 that ArcelorMittal was considering a bid. Mittal didn’t respond to a request for comment. The possibility of an ArcelorMittal bid prompted the USW to explicitly support a bid from Cliffs.
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