May 1: India’s third largest steel maker, Essar, has agreed to acquire US steel producer and distributor Esmark in a deal valued at US$1.1 billion.
Esmark owns the Wheeling Pittsburgh mill with a steel capacity of 2.4 million tonnes a year, of which some 200,000 tonnes are tin mill products.
President of Essar Americas, Madhu Vuppuluri, said: “Essar is very excited about the potential merger with a great company located in the steel capital of the United States. We plan to make significant investments into Wheeling Pittsburgh Steel to make it a low cost, technologically advanced steel producer.”
