October 28, 2014 Esmark Europe, a Newly Formed Company, Confirms Interest in Acquiring Serbia’s Government-Owned Železara Smederevo; Commits to Bid During Tender Process
Esmark Europe Chairman James P. Bouchard Names Management Team Comprised of Former U.S. Steel Kosice Management Team to Lead Mill Operations, Finance and Commercial Sales if Bid is Successful
London, October 28, 2014 – Esmark Europe, a newly formed company led by Esmark, Inc. Chairman and Chief Executive Officer James P. Bouchard, today confirmed its interest in acquiring all the assets of Serbian government-owned Železara Smederevo d.o.o., a producer of steel, hot and cold-rolled products, and tin plate-coated products serving customers in Central Europe.
During a meeting in London earlier today with Serbian Prime Minister Alexander Vucic, Bouchard said that he and the Prime Minister, “Had an extremely productive and fruitful discussion and Prime Minster Vucic advised us of the Serbian government’s intentions to announce a public tender process within the next few days,” said Bouchard. “We’re very thankful to the Prime Minister and all the Serbian government officials for their cooperation during the pre-tender and due diligence process, and we committed to Prime Minister Vucic that Esmark would submit an offer for Železara Smederevo during the tender process.”
Highly Experienced European Management Team
Bouchard also announced that Esmark has assembled a management team for Esmark Europe should its tender offer be accepted. The management team has extensive experience across the continent in mill operations, finance, legal affairs, commercial sales and logistics and previously worked together in revitalizing U.S. Steel’s Kosice, Slovakia steel mill. The management team includes:
- Mark Whalen, Chief Executive Officer. Whalen was formerly Vice President of Operations for U.S. Steel Kosice and former General Manager of Operations for Arcellor Mittal U.S.;
- Karl Csensich, Executive Vice President and Chief Financial Officer. Csensich served as CFO of U.S. Steel Europe and also Vice President of Finance for U.S. Steel Kosice;
- Michael P. DiClemente, Executive Vice President of Finance and Treasurer for Esmark Europe and Esmark, Inc., respectively. DiClemente previously served as Treasurer of Wheeling-Pittsburgh Steel Corporation and became Treasurer of Esmark, Inc. when Wheeling-Pitt merged with Esmark, Inc. in 2007.
- David Luptak, Executive Vice President and General Counsel. Luptak formerly served as President and Chief Operating Officer of Wheeling-Pittsburgh Steel Corporation, Vice President of U.S. Steel Kosice, and General Counsel for U.S. Steel Europe;
- Michael Ogrizovich, Executive Vice President. Ogrizovich, who currently serves as President of Esmark Steel Group, previously served as Manager of Commercial for both Inland Steel and Arcellor Mittal U.S.;
- Steve Powers, Vice President of Commercial. Powers previously served as Executive Vice President of Strategic Planning and Development for Wheeling-Pittsburgh Steel Corporation, and General Manager of Strategic Planning for both U.S. Steel Kosice and U.S. Steel Europe;
- John Davis, Vice President of Engineering and Purchasing. Davis formerly served as Vice President of Engineering and Purchasing for Wheeling-Pittsburgh Steel Corporation and held management positions at U.S. Steel Corporation;
- Diane Powers, General Manager of Commercial Sales. Powers previously served as General Manager of Non-Prime products for Wheeling-Pittsburgh Steel Corporation, and as Manager-Commercial for U.S. Steel Kosice; and
- Paige Polumbo, Vice President of Logistics. Polumbo previously served as General Manager of Customer Service and Transportation for U.S. Steel Kosice and Manager of Logistics for U.S. Steel Corporation.
About Esmark, Inc.
Esmark, Inc. is a diversified, privately-held family company with a portfolio of industrial companies with strong roots in the steel industry. Over the years, Esmark has diversified its interests and operations into a number of businesses engaged in the industrial and commodity sectors. Esmark (a former publicly traded company on NASDAQ: ESMK) has focused on several key industries including steel services, oil and gas exploration, aviation, real estate, professional services, technology and youth sports development. For more information visit www.esmark.com.
About Esmark Steel Group
Esmark Steel Group, a wholly owned subsidiary of Esmark, Inc., is one of the U.S.’s largest value-added processors and distributors of flat-rolled steel products and provides just-in-time logistics and transportation services to a wide range of customers and industries across the country. For more information visit www.steel.esmark.com.
About The Bouchard Group
As the controlling shareholder of Esmark, Inc. and its investment vehicle, The Bouchard Group, James P. Bouchard and his family-owned companies have been active and committed members of the communities in which it operates across the United States. As a family-owned and managed enterprise, Esmark believes in supporting a wide range of education, recreation, and human services organizations that provide families with access to critical programs and humanitarian services.
Through its James P. and Carolyn K. Bouchard Family Foundation, thousands of children, families, and at-risk groups in the Midwest and abroad have benefitted from the Bouchard family’s philanthropic endeavors. To date, more than $5 million in charitable contributions and grants have been awarded to a diverse group of children’s charities, educational institutions, recreational programs, and healthcare and human services organizations in Pennsylvania, Illinois, Indiana, Louisiana, Colorado, and the countries of Haiti and Slovakia. For more information visit www.esmark.com.
About Železara Smederevo d.o.o.
Železara Smederevo d.o.o. is a producer of steel, hot and cold-rolled products and tin plate products in Southeast Europe, and its facilities are located in the village Radinac near Smederevo, Sabac and in Dimitrovgrad. The modern facility has more than two million metric tons of annual hot-strip mill capacity.
The Tin Mill facility in Sabac produces tin-coated steel products used by customers in the packaging industry for production of cans for food products, paints, chemicals and pharmaceuticals. Zelezara Steelworks uses the Port of Smederevo to unload raw materials delivered by the Danube River, as well as for loading the barges intended for river transportation of products to customers. For more information visit www.zelsd.rs/.
Bill Keegan, Director of Communications