October 12, 2008

Essar Steel eyeing Wheeling Pittsburg - Report

ET recently reported that Essar Steel, along with Severstal, is in the race to buy Wheeling Pittsburgh Steel Corp from Esmark Inc, which completed its takeover of the local steelmaker in November 2008.

The Economic Times also said that Essar Steel had no comment on the deal.

Mr Craig Bouchard president and vice chairman of the board of Esmark, declined to comment by saying that it would not be appropriate because Esmark is a publicly owned company.

The value of the Wheeling Pittsburgh has been at issue recently, as Esmark prepared federally required financial reports on year end and first quarter data.

Wheeling Pittsburgh manufactures a variety of steel products ranging from hot rolled coils, cold rolled coils, galvanized sheets to pre painted and tin mill sheets. The company’s annual capacity is estimated to be 2.5 million tonnes of flat steel.