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Esmark backs away from US Steel bid

The company said it would not make an offer without USW support

Isabeau van Halm
A ladle of molten iron is poured into a BOP furnace at US Steel's Granite City Works, where it will be transformed into liquid steel. Source: US Steel

A ladle of molten iron is poured into a BOP furnace at US Steel's Granite City Works, where it will be transformed into liquid steel. Source: US Steel

A week ago, Esmark announced it intended to make a US$7.8 billion all-cash offer on US Steel. However, with the United Steelworkers (USW) union endorsing only the offer from rival Cleveland Cliffs, Esmark...

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