Esmark, Inc. Respects History, Working Relationship and Position of USW. Therefore, Will Not Make a Bid for U.S. Steel

Rhea-AI Summary

Esmark, Inc. will not bid for U.S. Steel Corporation, respecting United Steelworkers' support for Cleveland Cliff's offer. Esmark remains open to evaluating opportunities in connection with the purchase process.

Positive

• Esmark's decision not to bid for U.S. Steel may reduce competition and potentially benefit Cleveland Cliff's offer

Negative

• None.

SEWICKLEY, Pa.--(BUSINESS WIRE)-- Esmark, Inc. confirmed today that it will not participate in the purchase process for U.S. Steel Corporation (NYSE:X) (“U.S. Steel”). Esmark had previously stated its intention to bid for, and negotiate a purchase with, U.S. Steel. Esmark respects the position of the United Steelworkers (USW) which is supporting Cleveland Cliff’s offer for U.S. Steel. Esmark maintains a solid working and personal relationship with the USW organization and its leadership.

“The USW was our partner in the successful acquisition of Wheeling Pittsburgh Steel, and we remain close with them," said Jim Bouchard, Esmark, Inc., Chairman & CEO. “The U.S. Steel board must go through their process that they previously announced. We wish them the best during this process, and we will evaluate any opportunities in connection with that process, subject to support from the USW.”

Esmark Steel Group, a wholly owned subsidiary of Esmark, Inc., is one of the United States’ leading processors and distributors of value-added flat-rolled steel and the third-largest U.S. producer of tin plate steel. We offer the products, services and innovations to help our customers gain and sustain the competitive edge in their industries.

About Esmark, Inc.

Esmark, Inc. 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. Esmark (a former publicly traded company on NASDAQ: ESMK) has focused on several key industries including steel services, oil and gas exploration, aviation, real estate, professional services, technology and youth sports development. The company is also an active corporate citizen in the communities it serves, having committed more than $10 million in philanthropic support of a wide range of humanitarian, education, family wellness and youth sports programs in Pennsylvania, Illinois and internationally. www.esmark.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230823390935/en/

Katie Regan

Director of Communications

Esmark, Inc.

Katie.regan@esmark.com

(708) 898-5550

Source: Esmark, Inc.