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Updated: 12:57 p.m. Friday, May 30, 2008 | Posted: 11:17 a.m. Friday, May 30, 2008
The United Steelworkers Union contract gives them the right to reject any deal that changes control of Esmark. The USW exercised that right and rejected Essar’s $670 million buyout offer.
The offer from Severstal is identical to Essar’s offer. Both Essar and Severstal agreed to assume $400 million in debt, putting the value of either deal at more than a billion dollars.
The USW said the Severstal deal is better for local steelworkers.
“It looks like they’re very interested in keeping this company alive,” said Santo Santoro, USW District 1.
Severstal said its offer expired June 26.
NEWS9 spoke with Esmark CEO Jim Bouchard Friday and he said he needs more time to look over the offer before commenting on the proposed deal.
Stay with NEWS9 and WTOV9.com for more details.
© 2013 Sinclair Broadcast Group. By using this website,
you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices.
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