Esmark
Esmark is a diversified, privately-held family company with a portfolio of industrial companies with strong roots in the steel industry. Over the years, Esmark has diversified its interests and operations into a number of businesses engaged in the industrial and commodity sectors.
Latest News
Essar Withdraws Esmark Bid
27 June 2008 - Essar Steel Holdings Limited informs the Esmark Board of Directors that it is withdrawing its offer to purchase all of the company’s outstanding shares at US$19 per share.
Steelworkers Hail Esmark Sale
27 June 2008 - The USW welcomes the news that Esmark has entered into a definitive merger agreement with OAO Severstal, and that Esmark's Board of Directors is recommending that shareholders tender their shares to Severstal.
Severstal Enters Merger Agreement to Acquire Esmark
26 June 2008 - OAO Severstal enters into a definitive merger agreement to acquire Esmark at an increased purchase price of $19.25 per share in cash at a total equity value of approximately $775 million.
Steelworkers Union Responds to Esmark Statement on Arbitrator Ruling
25 June 2008 - The United Steelworkers issues a statement that arbitrator Richard I. Block's decision had upheld the USW's contractual "right to bid" against Esmark's willful violation of the collective bargaining agreement.
Esmark to Grant Three-Day Extension of Right-to-Bid Period
25 June 2008 - Esmark confirms that an Arbitrator’s decision had cleared the way for its Board to act on competing bids for the company by declining to extend the 52-day “right-to-bid” period given to the United Steelworkers.
Severstal Reaffirms Offer to Acquire Esmark
20 June 2008 - OAO Severstal reaffirms its all-cash $17-per-share tender offer to acquire all outstanding shares of Esmark common stock.
Severstal Responds to Esmark Board of Directors
18 June 2008 - Severstal responds to the Esmark Board of Directors regarding actions following Severstal’s tender offer to acquire the outstanding shares of Esmark Inc.
Esmark Adopts Stockholder Rights Plan
16 June 2008 - Esmark Board of Directors adopts a Stockholders Rights Agreement designed to help company stockholders receive the highest value for their shares in connection with the sale of the company.
Esmark Board Rejects Severstal Offer
13 June 2008 - Esmark’s Board of Directors is recommending that stockholders not tender any shares to OAO Severstal, after reviewing the offer and finding it to be inadequate, uncertain regarding ability to close, and contrary to the best interest of Esmark’s stockholders.
Esmark Issues 2nd Quarter Earnings Guidance
13 June 2008 - Esmark is expecting second-quarter net earnings to be in the range of $.35 to $.45 per diluted share, significantly better than the $.40 loss per share that it reported in the first quarter of 2008.
Wheeling-Pittsburgh Files NLRA Charge Against Steelworkers
12 June 2008 - Wheeling-Pittsburgh Steel files a charge under the National Labor Relations Act against the USW for its claims that it can block the proposed acquisition of the company by Essar Steel Holdings, as well as its attempts to block the sale.
Essar Steel to Sweeten Esmark Offer
12 June 2008 - Essar Steel Holdings announces plans to increase its offer for Esmark to US $19 per share, and says it is prepared to recognize the United Steelworkers, assume the Basic Labor Agreement, and negotiate a new collective bargaining agreement on an expedited basis.
Esmark Reports 1st Quarter Results
10 June 2008 - Esmark reports a net loss of $15.8 million on net sales of $600.1 million for the first quarter ended March 31, 2008, with results reflecting the contribution of both Esmark Steel Service Group and Wheeling-Pittsburgh Steel.
Essar Steel Considers Upgrading its Offer for Esmark
09 June 2008 - Essar Steel Holdings informs the Esmark Board that it will consider a potential increase to its $17-per-share offer to acquire Esmark, but says it is seeking information on arrangements between Severstal and Esmark shareholder Franklin Mutual Advisers.
Esmark Clarifies Debt Status
06 June 2008 - Esmark clarifies the press release recently issued to comply with NASDAQ rules, noting that reports stating that the company had not refinanced its long-term debt are erroneous.
Severstal Waives Condition to Esmark Offer
06 June 2008 - OAO Severstal is waiving the condition to its previously announced tender offer to acquire all of the outstanding shares of Esmark common stock that would require Esmark to terminate its agreement with Essar.
Esmark Triggers Uncertainty on Going-Concern Status
05 June 2008 - As required by NASAQ rules, Esmark publicly announces that it has been unable to refinance its debt on a long-term basis, raising substantial doubt regarding the company’s ability to continue as a going concern.
Esmark Responds to OAO Severstal Offer
02 June 2008 - Esmark says it will have a recommendation from the Esmark Board by June 13 regarding OAO Severstal's unsolicited tender offer to acquire Esmark’s outstanding common shares for $17.00 per share.
Severstal Extends Tender Offer to Acquire Esmark
02 June 2008 - OAO Severstal commences its all-cash, $17.00 per share tender offer to acquire all outstanding shares of Esmark common stock; the offer has the full support of the United Steelworkers.
Esmark Division to Provide Steel Decking for new Pittsburgh Penguins Arena
27 May 2008 - Esmark’s Wheeling Corrugating division will supply the steel decking requirements to construct the Pittsburgh Penguins’ new state-of-the-art arena.
