Latest Esmark Inc. Stories

2008-09-01 03:00:18

By Harris, Linda OAO Severstal Inc., the Russian steelmaker aiming to increase its toehold in the U.S. steel industry, has completed its acquisition of Esmark Inc., a deal that includes Wheeling-Pittsburgh Steel. Severstal purchased nearly 39 million Esmark shares - about 94 percent - prior to the Aug. 4 deadline. The acquisition cost Severstal $775 million plus nearly a half million-dollars more in debts and loans it assumed as part of the deal. The new company will be known as...

2008-08-24 00:00:28

Russia's biggest steelmaker plans to buy fast-growing PBS Coals, which counts the Quecreek Mine among its operations in Somerset County. OAO Severstal of Cherepovets, Russia, said Friday it will acquire PBS for $1.3 billion to supply its U.S. operations with coking coal. Severstal, led by billionaire Alexei Mordashov, follows steelmakers including ArcelorMittal and Posco in acquiring coal mines after a year in which steel and coal have doubled to record prices. Steelmakers have boosted...

2008-08-06 03:00:41

By Joe Napsha, The Pittsburgh Tribune-Review Aug. 6--The consolidation of the global steel industry continued Tuesday as Russian steelmaker OAO Severstal completed its $1.25 billion purchase of Esmark Inc., the parent company of Wheeling-Pittsburgh Steel Corp. Severstal sealed the deal to acquire Esmark by purchasing 38.7 million shares of Esmark, or about 94.1 percent of its outstanding stock, by Monday's deadline for the tender offer, Severstal said. The Russian company paid about $775...

2008-07-16 00:00:25

WHEELING - Russia's OAO Severstal plans to take Esmark Inc. off the public stock market after an upcoming buyout that was nearing completion Monday. In a filing with the Securities and Exchange Commission, Severstal also reported that Franklin Mutual Advisors has tendered 23.74 million Esmark shares, or 60.1 percent of the company, to the Russian firm. Severstal's tender offer expires at midnight Friday. Severstal is buying the parent of Wheeling-Pittsburgh Corp. for $760 million, plus...

2008-06-30 03:02:40

By Harris, Linda Esmark Inc., posted $15.8 million in red ink for the first three months of 2008, but the company's management team said they expect to make it into the black in the second quarter. The Chicago-based company belatedly released its quarterly earnings statement this week, blaming the delay on the complexities associated with finalizing its merger with Wheeling-Pittsburgh Steel Corp. late last year. Esmark also had been late posting its 2007 year-end results, and now...

2008-06-28 00:02:29

Russian metals and mining company OAO Severstal announced it has an agreement to buy West Virginia-based Esmark Inc. for $19.25 per share. Including the assumption of debt and loans, that puts the value of the deal at $1.25 billion. Esmark has been at the center of a bidding war between Severstal and India's Essar Steel Holdings. While management had previously labeled Essar's offer superior, the United Steelworkers union was backing a buyout by Severstal. Esmark issued a statement...

2008-06-28 00:02:29

By Vicki Smith Steelmaker and distributor Esmark Inc. has an attractive assortment of plants and equipment with unrealized potential, but Russian metals and mining company OAO Severstal said Thursday it plans to change that with a $250-million, five-year capital investment. Severstal announced late Wednesday it won the bidding war for Wheeling-based Esmark, offering $19.25 per share. Including the assumption of debt and loans, that puts the value of the deal at $1.25 billion. Founded...

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This word ultimately comes from the Medieval Latin 'cappa,' cloak.