Mr Jim Bouchard chairman of Esmark recently said that management and the board of directors see India's Essar Steel Holdings as the absolute best partner for the company, faced with spiraling raw material costs and a constricted credit market.

Mr Bouchard said that “Essar has international business muscle and ample financial resources as well as low cost access to key raw material supplies, something Esmark sorely needs. It also is willing to invest millions in Esmark's steel operation, Wheeling Pitt and has lent the company USD 110 million so it can retire a USD 79 million federally guaranteed loan that enabled the steelmaker to emerge from bankruptcy protection in 2003.”

He added that "We believe we have selected the absolute best partner for this company and Wheeling Pitt to take it into the decade in front of us. They have nothing but growth plans for the company going forward.”