WHEELING, W.Va. (AP) -- Russia's OAO Severstal is stepping up its sales pitch for Esmark Inc., urging CEO James Bouchard to reconsider a bid from India's Essar Steel Holdings.
Essar gave the Wheeling-based steelmaker a $110 million loan to avoid potential default. Esmark now supports the Indian company's $750 million bid.
But Severstal executive Gregory Mason is prepared to replace Essar's financing in a way that protects creditors and won't jeopardize Esmark's business.
Severstal's $670 million offer has the support of the United Steelworkers union.