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Latest SeverStal Stories

2008-06-23 00:00:19

WHEELING - Russian steelmaker OAO Severstal says it's disappointed in Esmark Inc.'s tactic to stave off a $670 million takeover bid, saying the move tips the scales to an India-based steel producer. The metals and mining company's offer to purchase Esmark is backed by the United Steelworkers union, but the Wheeling-based company is interested in Essar Steel Holdings Ltd.'s $750 million offer. Severstal's comments follow last week's decision by Esmark's board to adopt a stockholders...

2008-06-19 18:00:26

MOSCOW, June 19 /PRNewswire-FirstCall/ -- OAO Severstal (LSE: SVST; RTS: CHMF; "Severstal"), one of the world's leading metals and mining companies, today sent the following letter to the Board of Directors of Esmark Incorporated (Nasdaq: ESMK; "Esmark") with respect to Severstal's previously announced all cash $17 per share tender offer to acquire all of the outstanding shares of Esmark common stock. * * * * * June 19, 2008...

2008-06-18 09:00:51

WARREN, Ohio, June 18 /PRNewswire-FirstCall/ -- In response to media inquiries concerning the legal challenge filed by Optima International of Miami and certain minority stockholders of WCI Steel, Inc. , representing less than 18 percent of the shares outstanding, the following statement was issued by WCI Steel, Inc.: "The legal action initiated by Optima International and certain dissident stockholders is without merit. Holders of a majority of WCI Steel's shares approved, on May 16,...

2008-06-16 03:00:22

By Harris, Linda WHEELING - Russia's OAO Severstal has emerged as a new suitor for Esmark Inc., the Chicago-based steel services and distribution company that recently signed a memorandum of understanding with India's Essar Steel Holdings. Severstal is willing to pay $17 a share for Esmark's outstanding stock, just as Essar is. The Russian company, however, has the support of the United Steelworkers union, which earlier this week vowed to use its contractual protections to block Essar's...

2008-06-14 03:00:26

By Joe Napsha, The Pittsburgh Tribune-Review Jun. 14--Pittsburgh will gain another steel company headquarters, if India-based Essar Steel Holdings Ltd. wins the battle to buy Esmark Inc. and its subsidiary, Wheeling-Pittsburgh Steel, the head of Essar-Americas said Friday. Essar Steel, which is competing against Russian steelmaker OAO Severstal to buy Esmark, would move its Essar-Americas headquarters from New York City to Pittsburgh to be close to the new company's operations and give...

2008-05-05 15:00:33

Reportlinker.com announces that a new market research report related to the Metal manufacturing industry is available in its catalogue. World Steel Markets http://www.reportlinker.com/p087369/World-Steel-Markets.html This report analyzes the worldwide markets for Steel in Millions of Metric Tons. The End-use applications for Steel analyzed are Construction, Automotive, Machinery, Domestic/Commercial Equipment, and Others. The report provides separate comprehensive analytics for the US,...

2008-05-02 00:00:24

By Joe Napsha Wheeling-Pittsburgh Steel Corp.'s parent firm said Wednesday that a $1.1 billion buyout offer from India's Essar Steel Holdings Ltd. won't save its mill in Allenport in Washington County. Esmark Inc., which merged with Wheeling-Pittsburgh in November, agreed to a $17-a-share offer from Essar that was the best deal among interested buyers, Chief Executive Officer James Bouchard said in a conference call with analysts. The cash offer pays Esmark about 13 percent more than...


Word of the Day
barratry
  • The offense of persistently instigating lawsuits, typically groundless ones.
  • An unlawful breach of duty on the part of a ship's master or crew resulting in injury to the ship's owner.
  • Sale or purchase of positions in church or state.
This word ultimately comes from the Old French word 'barater,' to cheat.
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