Esmark Offers To Buy U.S. Steel At $35 Per Share

Another rival steel producer has jumped into the bidding war to take over US Steel. Esmark announced an all-cash public offer for US Steel for $35 per share, Chris Isidore and Samantha Delouya reported for CNN.

Photo Insert: Esmark's offer comes hours after news that rival Cleveland-Cliffs was in talks to purchase US Steel.

Esmark said its offer period runs from August 14, 2023 to November 30, 2023, but may be extended.

James Bouchard, CEO of Esmark, who is a former US Steel executive, said in a statement that this is an “exciting time” for the US steel industry and “with Esmark’s long-standing history of excellence, we are anxious to continue to grow and we’re well positioned to come in and operate.”

The offer comes hours after news that rival Cleveland-Cliffs was in talks to purchase US Steel. Shares of US Steel surged double-digits in early trading Monday, and jumped even higher after news of Esmark’s offer, jumping by nearly 40%.

Although Esmark offered $35 a share, US Steel’s stock was hovering below $32. That is often an indication that investors are skeptical about a deal getting finalized. Esmark, which has a number of steel interests in its portfolio, noted in its statement that the deal would be “subject to regulatory and antitrust clearances.”

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