Latest Esmark Inc. Stories
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.
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.
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.
WHEELING - Russia's OAO Severstal plans to take Esmark Inc. off the public stock market after an upcoming buyout that was nearing completion Monday.
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.
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.
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.
- Stoppage; cessation (of labor).
- A standing still or idling (of mills, factories, etc.).