By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Privately held Esmark makes offer for US Steel, sets up bidding contest for iconic steelmaker
preview.jpg
FILE - A water tower at United States Steel Corp.'s Edgar Thomson Plant in Braddock, Pa., is seen, Thursday, May 7, 2020. On Sunday, Aug. 13, 2023, U.S. Steel said that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers. - photo by AP Photo/Gene J. Puskar, File
NEW YORK (AP) — Industrial conglomerate Esmark said Monday it has made an all-cash offer to buy U.S. Steel that values the iconic steelmaker at $7.8 billion, topping an earlier offer from rival Cleveland-Cliffs. On Sunday, U.S. Steel said it had rejected a cash and stock offer from Cleveland-Cliffs that was valued at $7.3 billion as of the close of trading Friday. U.S. Steel also said it had received offers for all or parts of the company from several parties and was evaluating its options.