May 21 2008, Financial Times, By Peter Marsh in London Severstal, Russia’s biggest steelmaker, has entered the battle to buy Esmark, a medium-sized US steel producer, underlining the continued enthusiasm for acquisitions in the sector. The Russian company yesterday said it was willing to buy Esmark for about $668m, or $17 a share. Esmark had already accepted a bid of the same value from Essar, the expansion-minded Indian steel company. Severstal hopes an agreement it has reached with the United Steelworkers union, representing workers at Esmark, will make its deal more acceptable to the company’s board and shareholders than the rival offer from Essar. The...

21 May, 2008

May 20, 2008, The Wall Street Journal, By ROBERT GUY MATTHEWS In what could escalate into a bidding war for troubled U.S. steel assets, Russia’s OAO Severstal is going after steelmaker Esmark Inc., offering $17 a share, or $1.1 billion, and the backing of the United Steelworkers, in an effort to beat out India’s Essar Steel. Essar’s earlier $17-a-share offer was rejected by the union. The latest all-cash bid pits two aggressive international steelmakers against each other as both try to gain strength in the lucrative U.S. market. Steel prices in the U.S. have been climbing and are poised to remain high,...

20 May, 2008

April 30, 2008, American Metal Market, By Scott Robertson Esmark Inc., Chicago, has agreed to be acquired by Essar Steel Holdings Ltd., Mumbai, India, in a deal that is expected to be valued at about $1.1 billion. The deal indicates that Essar outbid rival OAO Severstal, Cherepovets, Russia, which was known to be interested in acquiring Wheeling-Pittsburgh and adding the assets to its growing North American steel holdings. Severstal several weeks ago outbid Essar in its bid for the Sparrows Point, Md., mill of ArcelorMittal SA, Luxembourg. The move, which will further Essar’s presence in the North American steel market, essentially means that Essar will take over Wheeling-Pittsburgh...

30 April, 2008

FOR IMMEDIATE RELEASE Receives commitment for $110 million term loan WHEELING, WV, April 30, 2008 – Esmark Incorporated (NASDAQ: ESMK) today announced that it has agreed to the material terms of a proposed tender offer and merger with Essar Steel Holdings Limited for a cash purchase price of $17.00 per share. The Company plans to enter into definitive documentation upon expiration or waiver of the approximate 52 day “right to bid” period set forth in the collective bargaining agreement with the United Steelworkers. Esmark has also entered into a binding commitment letter with Essar for a $110 million term loan which is...

30 April, 2008

FOR IMMEDIATE RELEASE WHEELING, WV, February 4, 2008 – Esmark Incorporated (NASDAQ: ESMK) (the “Company”) today announced that it has accepted a commitment for a fully underwritten $500 million revolving credit facility from its lead lender, GE Corporate Lending. This new facility will replace the existing $150 million revolver at Esmark Steel Service Group, Inc. and the $225 million revolver at Wheeling-Pittsburgh Corporation. The Company expects to close on this new facility in the first quarter pending satisfaction of the conditions to the commitment, which include definitive documentation and requisite arrangements with the Company’s other material indebtedness. “We are proud to announce...

04 February, 2008

January 9, 2008, Herald Star (Steubenville, Ohio), By PAUL GIANNAMORE, Business editor WHEELING — Esmark announced several management changes Tuesday afternoon as the company realigns itself following the merger of the Esmark steel services firm with Wheeling-Pittsburgh Steel Corp. “This realignment is a natural outgrowth of combining Esmark’s operations with those of Wheeling-Pittsburgh Corp. last November,” said James P. Bouchard, chairman and chief executive officer. “We’re now one company with two core business competencies. These administrative changes assign the experience and skill set of our management team to areas where their contributions are optimized.” In mill operations, David A. Luptak, who had been...

09 January, 2008

MEDIA ADVISORY What: James P. Bouchard, Chairman and Chief Executive Officer Esmark Incorporated (ESMK), will preside over the opening bell to commemorate their visit to New York City and listing on NASDAQ stock exchange. Where: NASDAQ MarketSite – 4 Times Square – 43rd and Broadway – Broadcast Studio When: Monday, December 31, 2007 at 9:30 a.m. ET Contacts: Dennis Halpin 304.234.2421(office); 304.650.6474 (mobile); dhalpin@esmark.com; dhalpin2000@yahoo.com NASDAQ MarketSite: Jolene Libretto; 646.441.5220; mobile - 347.219.9539 Jolene.Libretto@NASDAQ.com Feed Information: The opening bell is available from 9:20 a.m. to 9:35 a.m. on Galaxy 26 - uplink IA6 C band / transponder 24, downlink frequency 4180 horizontal. The feed can also be found on Waterfront fiber 1623. If you have any...

31 December, 2007

November 28, 2007, The Herald Star (Steubenville, Ohio), By PAUL GIANNAMORE, Business Editor STEUBENVILLE — A deal valued at more than $350 million has resulted in a more strongly capitalized Wheeling-Pittsburgh Steel Corp., but the Bouchard brothers say work must continue toward making the company a success for years to come. James P. and Craig T. Bouchard founded their Esmark steel services firm in 2003 and have acquired 10 steel service centers and distributors since then. With the merger with Wheeling-Pittsburgh Steel Corp. being wrapped up Tuesday, they have taken a major step toward making what they hope will be the fourth...

28 November, 2007

November 28, 2007, The Herald Star (Steubenville, Ohio), By PAUL GIANNAMORE, business editor PITTSBURGH — As Esmark Inc. shares began trading today on the Nasdaq market, it marked a return of a once big name to the public stock exchanges. Esmark once was a major holding company of a number of widely recognized national brands of consumer products including Playtex and Butterball turkeys and Avis car rentals. Its founder, Donald F. Kelly, is a longtime friend of James P. and Craig T. Bouchard, the founders of Esmark and the chairman and president of the new Esmark Inc. “The name is back as a publicly...

28 November, 2007

November 28, 2007, The Herald Star (Steubenville, Ohio), By PAUL GIANNAMORE, Business Editor Photo: Paul Giannamore - NEW ESMARK, NEW STOCK – James P. Bouchard looks at one of the new share certificates in the new Esmark Inc., which became the holding company owning Wheeling-Pittsburgh Steel Corp. following the tally of shareholder votes Tuesday morning in Pittsburgh. The certificate features a background picture of the blast furnace at the Wheeling-Pitt Mingo Junction plant. PITTSBURGH — After more than two years of work and a year of management control, Esmark’s merger with Wheeling-Pittsburgh Steel Corp. was completed in a nine-minute meeting in a...

28 November, 2007