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BUSINESS
By Bloomberg News | June 12, 2008
Esmark Inc., the subject of a takeover battle between India's Essar Steel Holdings Ltd. and Russian producer OAO Severstal, has filed claims against the United Steelworkers, saying the union violated U.S. labor laws. The union supports the deal with Severstal, which closed on an $810 million acquisition of the Sparrows Point steel mill in Baltimore County last month. Esmark had also attempted to buy Sparrows Point but couldn't come up with the financing. Esmark says that the steelworkers union has committed "multiple violations of federal labor law" in connection with claims it can block Essar's proposed $750 million takeover of Esmark, the West Virginia-based steelmaker said yesterday.
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BUSINESS
By Andrea K. Walker and Andrea K. Walker,Sun reporter | June 26, 2008
Russian steelmaker OAO Severstal emerged yesterday as the apparent winner in a takeover fight for West Virginia-based Esmark Inc., agreeing to buy the steelmaker for $775 million plus debt in a deal that could boost production at Sparrows Point. The deal comes just seven weeks after Severstal completed its purchase of the Baltimore County steel mill from ArcelorMittal for $810 million, with promises to invest $500 million to boost output to full capacity. Yesterday a Severstal spokesman said that with the acquisition, Sparrows Point would supply semi-finished steel slabs to Esmark's struggling Wheeling-Pittsburgh steel plant.
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BUSINESS
By Bloomberg News | May 31, 2008
OAO Severstal, Russia's largest steelmaker and the new owner of Sparrows Point, made a formal offer of about $670 million to buy Esmark Inc., whose bid to buy the Baltimore County steel mill fell apart last year. Severstal will offer $17 in cash for each Esmark share in an offer that ends at midnight June 26, the company said yesterday in a statement. Severstal, based in Cherepovets, Russia, indicated May 20 it was considering the $17 per share offer for Wheeling, W.Va.-based Esmark that matched an earlier bid by India's Essar Steel Holdings Ltd. The bid by Severstal, which is trying to expand its U.S. footprint, comes three weeks after it closed on its $810 million acquisition of Sparrows Point.
BUSINESS
By Bloomberg News | June 12, 2008
Esmark Inc., the subject of a takeover battle between India's Essar Steel Holdings Ltd. and Russian producer OAO Severstal, has filed claims against the United Steelworkers, saying the union violated U.S. labor laws. The union supports the deal with Severstal, which closed on an $810 million acquisition of the Sparrows Point steel mill in Baltimore County last month. Esmark had also attempted to buy Sparrows Point but couldn't come up with the financing. Esmark says that the steelworkers union has committed "multiple violations of federal labor law" in connection with claims it can block Essar's proposed $750 million takeover of Esmark, the West Virginia-based steelmaker said yesterday.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Columnist | August 5, 2007
The purchase of the Sparrows Point steel mill by an Esmark Inc.-led venture does not guarantee the plant will live long and prosper. But the deal gives it the best possible chance to do so. With Esmark bosses in the office and 2008 on the calendar, the mill will get focused management and a cheap U.S. dollar. That's a favorable combo it hasn't had in a long, long time. And the dollar might be the more important of the two. The group buying Sparrows Point includes Chicago-based Esmark, Wheeling-Pittsburgh Steel Corp.
BUSINESS
By Bloomberg News | May 9, 2008
NEW YORK - ArcelorMittal, the world's biggest steelmaker, is suing Esmark Inc. for failing to complete a $1.35 billion purchase of the Sparrows Point steel plant. Mittal is seeking more than $540 million in damages in New York state court. ArcelorMittal's agreement with a joint venture headed by Esmark, a Chicago-based metals distributor, was canceled in December after the buyer failed to secure financing. ArcelorMittal, based in Luxembourg, sold the plant to Russian steelmaker OAO Severstal for $810 million in a sale overseen by a court-appointed trustee.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,Sun reporter | June 26, 2008
Russian steelmaker OAO Severstal emerged yesterday as the apparent winner in a takeover fight for West Virginia-based Esmark Inc., agreeing to buy the steelmaker for $775 million plus debt in a deal that could boost production at Sparrows Point. The deal comes just seven weeks after Severstal completed its purchase of the Baltimore County steel mill from ArcelorMittal for $810 million, with promises to invest $500 million to boost output to full capacity. Yesterday a Severstal spokesman said that with the acquisition, Sparrows Point would supply semi-finished steel slabs to Esmark's struggling Wheeling-Pittsburgh steel plant.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,Sun Reporter | May 10, 2008
Esmark Inc. said yesterday that it will "vigorously defend" against what it calls a "frivolous" lawsuit filed against the steel company by ArcelorMittal for failing to complete a $1.35 billion purchase of the Sparrows Point steel mill in Baltimore County. Wheeling, W.Va.-based Esmark said in a news release that it was "surprised and disappointed" at the lawsuit, which seeks more than $540 million in damages in the Supreme Court of the State of New York. The deal between ArcelorMittal, the world's largest steelmaker, and E2 Acquisition Corp.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,Sun reporter | May 21, 2008
Russian steelmaker OAO Severstal, the new owner of Sparrows Point, submitted a $670 million offer yesterday for West Virginia steel company Esmark Inc., whose own bid to buy the Baltimore County steel mill collapsed in December. Severstal's bid comes just two weeks after it closed its $810 million purchase of Sparrows Point from ArcelorMittal and days after it agreed to buy an Ohio steelmaker. If successful, it would bring Sparrows Point and Esmark's money-losing Wheeling-Pittsburgh plant under the same corporate banner - a move Esmark had planned to make.
BUSINESS
May 25, 2008
1928 landmark to be restored A development team has launched a $1 million project to restore the 1928 landmark building that was constructed to house Baltimore's North Street Market. The team, which includes the owner of the nearby Charles Theatre, envisions an arts-focused mix of shops, eateries and offices that can become a gathering spot for Charles North, part of the emerging Station North arts district. Health data exchange set In a bid to improve treatment and reduce errors, Erickson Retirement Communities, Johns Hopkins Medicine, MedStar Health and the University of Maryland Medical System plan to create a pioneering health information exchange that would give emergency room physicians quick access to patients' medication histories.
BUSINESS
By Bloomberg News | May 31, 2008
OAO Severstal, Russia's largest steelmaker and the new owner of Sparrows Point, made a formal offer of about $670 million to buy Esmark Inc., whose bid to buy the Baltimore County steel mill fell apart last year. Severstal will offer $17 in cash for each Esmark share in an offer that ends at midnight June 26, the company said yesterday in a statement. Severstal, based in Cherepovets, Russia, indicated May 20 it was considering the $17 per share offer for Wheeling, W.Va.-based Esmark that matched an earlier bid by India's Essar Steel Holdings Ltd. The bid by Severstal, which is trying to expand its U.S. footprint, comes three weeks after it closed on its $810 million acquisition of Sparrows Point.
BUSINESS
May 25, 2008
1928 landmark to be restored A development team has launched a $1 million project to restore the 1928 landmark building that was constructed to house Baltimore's North Street Market. The team, which includes the owner of the nearby Charles Theatre, envisions an arts-focused mix of shops, eateries and offices that can become a gathering spot for Charles North, part of the emerging Station North arts district. Health data exchange set In a bid to improve treatment and reduce errors, Erickson Retirement Communities, Johns Hopkins Medicine, MedStar Health and the University of Maryland Medical System plan to create a pioneering health information exchange that would give emergency room physicians quick access to patients' medication histories.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,Sun reporter | May 21, 2008
Russian steelmaker OAO Severstal, the new owner of Sparrows Point, submitted a $670 million offer yesterday for West Virginia steel company Esmark Inc., whose own bid to buy the Baltimore County steel mill collapsed in December. Severstal's bid comes just two weeks after it closed its $810 million purchase of Sparrows Point from ArcelorMittal and days after it agreed to buy an Ohio steelmaker. If successful, it would bring Sparrows Point and Esmark's money-losing Wheeling-Pittsburgh plant under the same corporate banner - a move Esmark had planned to make.
BUSINESS
By JAY HANCOCK | May 14, 2008
Disingenuous and naive. That's the portrayal of Chicago's Bouchard brothers, the proto-Andrew Carnegies who almost bought the Sparrows Point steel mill, in a lawsuit stemming from the deal's collapse. The Bouchards weren't merely less than candid with the media last fall, the lawsuit by then-Point owner ArcelorMittal suggests. They kept ArcelorMittal in the dark, tried to use its buyout partners to prop up another of their steel companies, and were foolish enough to formalize the arrangement before the deal closed - which ultimately doomed it, the suit says.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,Sun Reporter | May 10, 2008
Esmark Inc. said yesterday that it will "vigorously defend" against what it calls a "frivolous" lawsuit filed against the steel company by ArcelorMittal for failing to complete a $1.35 billion purchase of the Sparrows Point steel mill in Baltimore County. Wheeling, W.Va.-based Esmark said in a news release that it was "surprised and disappointed" at the lawsuit, which seeks more than $540 million in damages in the Supreme Court of the State of New York. The deal between ArcelorMittal, the world's largest steelmaker, and E2 Acquisition Corp.
BUSINESS
By Bloomberg News | May 9, 2008
NEW YORK - ArcelorMittal, the world's biggest steelmaker, is suing Esmark Inc. for failing to complete a $1.35 billion purchase of the Sparrows Point steel plant. Mittal is seeking more than $540 million in damages in New York state court. ArcelorMittal's agreement with a joint venture headed by Esmark, a Chicago-based metals distributor, was canceled in December after the buyer failed to secure financing. ArcelorMittal, based in Luxembourg, sold the plant to Russian steelmaker OAO Severstal for $810 million in a sale overseen by a court-appointed trustee.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | March 22, 2007
Chicago-based Esmark Inc. is still awaiting word from investment bankers for Mittal Steel Co. NV on whether its bid for the steel mill at Sparrows Point passes muster. The Justice Department ruled last month that Mittal, the world's largest steelmaker, must sell Sparrows Point to settle antitrust concerns arising from its $33 billion merger with Arcelor SA of Luxembourg. At the time, Mittal had signed a nonbinding agreement to sell a sister plant in Weirton, W.Va., to Esmark in hopes of satisfying antitrust concerns over tin plate production.
BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | January 15, 2008
The court-appointed trustee overseeing the sale of Sparrows Point will make his first visit to the plant today as he works to find a new buyer for the Baltimore County steel mill. Joseph G. Krauss, a partner at the Washington law firm Hogan & Hartson LLP, said in an e-mail that he and his team want to learn more about the operations of the 118-year-old plant. Krauss restarted the sale process last month after a $1.35 billion deal to sell the plant to Chicago Heights, Ill.-based Esmark Inc. and several partners unraveled.
BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | February 5, 2008
Representatives from AK Steel Holding Corp., one of the few American steel companies left after years of industry consolidation, were set to tour the steel mill at Sparrows Point as early as yesterday, according to a memo sent to workers, as federal officials again prepare the plant for sale. The West Chester, Ohio-based company did not return telephone calls yesterday seeking comment about whether it is considering a bid for the steel mill or to confirm if representatives had visited the plant.
BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | January 15, 2008
The court-appointed trustee overseeing the sale of Sparrows Point will make his first visit to the plant today as he works to find a new buyer for the Baltimore County steel mill. Joseph G. Krauss, a partner at the Washington law firm Hogan & Hartson LLP, said in an e-mail that he and his team want to learn more about the operations of the 118-year-old plant. Krauss restarted the sale process last month after a $1.35 billion deal to sell the plant to Chicago Heights, Ill.-based Esmark Inc. and several partners unraveled.
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