Privately held Esmark makes offer for US Steel, sets up bidding contest for iconic steelmaker
Headline from WHEC Rochester
Industrial conglomerate Esmark says it has made an all-cash bid to buy U.S. Steel that values the iconic steelmaker at $7.8 billion. That tops an earlier offer from rival Cleveland-Cliffs. On Sunday, U.S. Steel said it rejected a cash and stock offer from Cleveland-Cliffs that was valued at $7.
WHEC Rochester's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Esmark Inc. announced an all-cash public offer for US Steel for $35 per share on Monday. The offer comes hours after news that rival Cleveland-Cliffs was in talks to purchase of US Steel. Shares of US Steel surged double-digits on Monday.
Industrial conglomerate Esmark says it has made an all-cash bid to buy U.S. Steel that values the iconic steelmaker at $7.8 billion. That tops an earlier offer from rival Cleveland-Cliffs. On Sunday, U.S. Steel said it rejected a cash and stock offer from Cleveland-Cliffs that was valued at $7.
Industrial conglomerate Esmark offered to buy U.S. Steel for $7.8 billion, shortly after U.S. Steel rejected a $7.25 billion bid from Cleveland-Cliffs.
Video with this story is from News 8 at 5:30 p.m. Aug. 14, 2023 New York (CNN) — Another rival steel producer has jumped into the bidding war to take over Pittsburgh-based US Steel. Esmark announced an all-cash public offer for US Steel for $35 per share on Monday.
