Create a free Manufacturing.net account to continue

OAO SeverStal To Buy Esmark For $1.25B

Essar Steel Holdings had been battling Russia's OAO Severstal to acquire Esmark.

Jun 25, 2008

WHEELING, W.Va. (AP) -- Esmark says it will be acquired by OAO SeverStal for about $1.25 billion, including debt.

Esmark Inc. shareholders will receive about $19.25 per share under the tender offer. The sale price represents a discount of 6 percent from Wednesday's closing price of $20.47.

OAO SeverStal will also purchase Esmark's $110 million term-loan facility from Essar Steel Holdings Ltd.

Essar Steel Holdings had been battling Russia's OAO Severstal to acquire Esmark.

OAO SeverStal's tender offer for shares of Esmark is scheduled to expire July 18.

Latest in Supply Chain
Specialty Food Producer Achieves Growth and Traceability with MRP Software
Sponsored
Specialty Food Producer Achieves Growth and Traceability with MRP Software
April 5, 2024
The collapsed Francis Scott Key Bridge lay on top of the container ship Dali, Monday, April 15, 2024, in Baltimore.
Owner of Ship in Baltimore Bridge Collapse Wants Cargo Owners to Help Cover Salvage Costs
April 18, 2024
Medical
NCMS Report Highlights New Tool for Automating Supply Chain Management in Response to Pandemics
April 17, 2024
Vietnamese Prime Minister Pham Minh Chinh, left, speaks to Apple CEO Tim Cook, right, before their meeting in Hanoi, Vietnam on Tuesday, April 16, 2024.
Apple CEO Wants to Increase Investments in Vietnam
April 16, 2024
Related Stories
Medical
Supply Chain
NCMS Report Highlights New Tool for Automating Supply Chain Management in Response to Pandemics
Logistics Management
Supply Chain
Business Interruption Risks Continue in 2024
This selection of undated still frames from security video camera footage provided by Michael Grant shows a variety of oversized box trucks crashing through the historic Miller's Run covered bridge in Lyndon, Vt.
Supply Chain
Historic Covered Bridges Under Threat by Truck Drivers Relying on GPS Meant for Cars
Specialty Food Producer Achieves Growth and Traceability with MRP Software
Sponsor Content
Specialty Food Producer Achieves Growth and Traceability with MRP Software
More in Supply Chain
Specialty Food Producer Achieves Growth and Traceability with MRP Software
Sponsored
Specialty Food Producer Achieves Growth and Traceability with MRP Software
Sales Manager Karen Addenbrook: "It has been terrific for our business and made us enormously more efficient."
April 5, 2024
The collapsed Francis Scott Key Bridge lay on top of the container ship Dali, Monday, April 15, 2024, in Baltimore.
Supply Chain
Owner of Ship in Baltimore Bridge Collapse Wants Cargo Owners to Help Cover Salvage Costs
It's part of maritime law.
April 18, 2024
Medical
Supply Chain
NCMS Report Highlights New Tool for Automating Supply Chain Management in Response to Pandemics
This new strategy will help companies ensure that essential parts are available where needed.
April 17, 2024
Vietnamese Prime Minister Pham Minh Chinh, left, speaks to Apple CEO Tim Cook, right, before their meeting in Hanoi, Vietnam on Tuesday, April 16, 2024.
Supply Chain
Apple CEO Wants to Increase Investments in Vietnam
Vietnam has become more important to Apple as the company seeks to diversify its supply chains away from China.
April 16, 2024
Sierra Space Ghost Drop Test 1 Qmeti68jeaieqi5a7xprjsnsle8ozkz2zhxqzbcxts
Supply Chain
'Space Ghost' Will Enable 90-Minute Deliveries Anywhere on Earth
Small payloads can be delivered to within 100 yards of where they are needed.
April 15, 2024
A Target store in midtown Manhattan, March 19, 2024.
Supply Chain
Consumer Sentiment Falls Slightly as Inflation Outlook Worsens
Americans appear to be "reserving judgment" about the economy.
April 15, 2024
The container ship Dali is stuck under part of the Francis Scott Key Bridge after the ship hit the bridge, March 26, 2024, in Baltimore, Md.
Supply Chain
FBI Opens Criminal Investigation Into Baltimore Bridge Collapse
The investigation is focused on the circumstances leading up to the collision.
April 15, 2024
A freight train carrying cars to be exported arrives at a dock for ro-ro shipping in Yantai in eastern China's Shandong province Sunday, March 3, 2024.
Supply Chain
China's Exports Tumble 7.5% in March
Imports also fell as demand slows.
April 12, 2024
I Stock 1418267688
Automation
Seafarers Have Strong Doubts About the Safety of Autonomous Ships
The maritime profession is among the world’s oldest professions.
April 11, 2024
Satellite image showing the bow of the container ship Dali underneath sections of the fallen Francis Scott Key Bridge, Baltimore, April 8, 2024.
Supply Chain
Third Channel to Open at Baltimore Port as Recovery Continues
Officials hope to have the entire channel reopened by the end of next month.
April 10, 2024
I Stock 1432762669
Supply Chain
Manufacturing Technology Orders Down More than 26% in February
Contract machine shops continued to decrease their orders, while aerospace saw a jump.
April 9, 2024
I Stock 478991954
Supply Chain
Climate Engineering Carries Serious National Security Risks
But countries facing extreme heat may try it anyway, and the world needs to be prepared.
April 9, 2024
In this photo provided by the Key Bridge Response 2024 Unified Command, response crews begin removing shipping containers from the deck of the cargo ship Dali using a floating crane barge at the site of the Francis Scott Key Bridge, Sunday, April 7, 2024, in Baltimore.
Safety
Salvage Crews Have Begun Removing Containers from Ship That Collapsed Baltimore Bridge
More than 50 salvage divers and 12 cranes are on site to help cut out sections of the bridge.
April 8, 2024
Small Business Administration administrator Isabel Guzman, surrounded by Baltimore Mayor Brandon Scott, from left, Rep. Kweisi Mfume, D-Md., Baltimore County Executive Johnny Olszewski and Sen. Ben Cardin, D-Md., speaks during a press conference at the SBA business recovery center, Thursday, April 4, 2024, in Baltimore.
Operations
Engineers Clearing Collapsed Bridge Say Channel to Port to Open in 4 Weeks
The Baltimore bridge collapsed within seconds on March 26 after being struck by the cargo ship Dali.
April 5, 2024
Wreckage of the Francis Scott Key Bridge rests on the container ship Dali, Wednesday, April 3, 2024, in Baltimore.
Supply Chain
Maritime Terminal Prepares for Influx of Redirected Ships as Baltimore Bridge Cleanup Continues
The terminal was scheduled to receive six ships, but nine more are coming now.
April 4, 2024