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Still Hopeful, Esmark Confirms Termination of Sparrows Point Deal
12/18/2007 - Confirming ArcelorMittal USA’s termination of the Purchase and Sale Agreement, Esmark says that it plans to continue its efforts to participate in the purchase of the Sparrows Point business, and will also continue its discussions with the USW.
Esmark Inc. has confirmed that it received notice of ArcelorMittal USA’s termination of the Purchase and Sale Agreement with E2 Acquisition to purchase the assets of its Sparrows Point business.
If the acquisition would have been completed, Esmark would have owned approximately 2% of the equity of E2 Acquisition Corp.
Esmark says that it plans to continue its efforts to participate in the purchase of the Sparrows Point business, and will also continue its discussions with the United Steelworkers for their support and approval of such a transaction. According to Esmark, both the United Steelworkers and the court-appointed trustee that will oversee the Sparrows Point divestiture have encouraged E2 to remain active in the sale process.
Esmark is a vertically integrated steel producer and distributor engaged in the manufacturing, processing, fabrication, and distribution of steel and steel products using both integrated and EAF technology. The company's products include hot- and cold-rolled sheet and coated products such as galvanized, pre-painted, and tin-mill sheet. The company also produces a variety of steel products including roll-formed corrugated roofing, roof deck, floor deck, bridgeform, and other products. Esmark produces and distributes steel products used in the construction, automotive, appliance, shelving, highway, and agricultural markets.
