U.S. Steel Takeover Talk Rattles Manufacturers
electric vehicle motors if it acquires U.S. Steel’s Big River Steel mill in Arkansas, where U.S. Steel is close to completing a line to produce the electrical steel.
U.S. Steel’s board said it rejected Cleveland-Cliffs’ proposal when the two companies couldn’t agree on the terms for conducting talks over the offer. The company said it is evaluating other offers.
Regarding Esmark’s bid, U.S. Steel said it welcomes the company joining the multiple parties that have submitted offers for all or part of the company. U.S.
Steel shares closed Tuesday 2.7% lower at $30.23. Esmark is a privately held conglomerate based near Pittsburgh that runs a portfolio of industrial businesses and service businesses, including aircraft leasing, real estate management and natural gas and oil drilling. Currently, Esmark doesn’t produce steel itself or operate ore mines.
The company owns steel distributors and processors. One of the only overlaps between U.S. Steel and Esmark is in steel-coated tin used in food cans.
Esmark owns a company that coats sheet steel with tin. U.S. Steel also produces tinplate for cans, including making the sheet steel for the cans.
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