BusinessWire reported today that Esmark Inc. has announced a "voluntary public cash and exchange offer for all issued and outstanding shares" in U. S. Steel for US$35 per share, which equates to US$7.8 billion.

“With more than 40 years of steel industry experience, and as a former executive and statutory representative of U. S. Steel, I have significant intimacy with the steel business in the U.S. and around the globe,” said James P. Bouchard, chairman and chief executive of Esmark Inc., who also serves as an executive committee member of the American Steel Institute and the European Steel Association (Eurofer). "This is an exciting time as the entire American steel industry is restructuring, 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."

Prior to founding Esmark, Bouchard was vice president — Commercial for U. S. Steel in Europe. He was a member of the executive team that U. S. Steel dispatched to Košice after having acquired the Slovakian National Steel Co.

Read more here and here.