Stockholders of Esmark Inc. and Wheeling-Pittsburgh Corp. have overwhelmingly approved the combination of the companies. The combined company will conduct business under the name Esmark Inc., and its common stock will begin trading on NASDAQ under the ticker symbol “ESMK” effective Nov. 28. The new company combines the strength of Wheeling-Pittsburgh’s steelmaking assets with Esmark’s network of steel service centers across the Midwest.
Wheeling-Pittsburgh has about 3,000 employees at plants in Ohio, Pennsylvania and West Virginia. The United Steelworkers labor union supported Esmark’s bid. Another deal may be ahead for Esmark – a merger that would add ArcelorMittal NV’s Sparrows Point steel mill in Maryland. Esmark owns a small piece of E2 Acquisition Group, which has agreed to buy Sparrows Point for $1.35 billion.
Wheeling-Pitt Sale to Esmark Approved
November 28, 2007