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...

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...