Wheeling-Pittsburgh Corp. shareholders ousted its board of directors Nov. 17, supporting the hostile takeover by Illinois steel distributor Esmark Inc. Esmark's $20-per-share offer, plus financing for capital improvements and becoming a supplier to Esmark customers, was favored by the United Steelworkers union over an offer by Brazil's Companhia Siderurgica Nacional (CSN) to merge with Wheeling-Pitt, which issued a statement indicating Esmark appears headed for control of the company.
CSN, however, jumped into the bidding for Britain's Corus Group, offering approximately $8 billion for Europe's second largest steelmaker. The bid tops an earlier offer from India's Tata Steel. In other steel news, it has been rumored that Russia's OAO Severstal is going to attempt to purchase U.S. Steel, the largest U.S. steelmaker.
Esmark to Take Over Wheeling-Pitt
November 20, 2006