Bouchard: “This merger is a game-changer for the steel industry”
SEWICKLEY, Pa. & CHICAGO HEIGHTS, Ill. & INDIAN ROCKS BEACH, Fla.--BUSINESS WIRE--
Esmark, Inc. and Esmark Steel Group today reaffirmed their support for the proposed merger between U.S. Steel and Nippon Steel and urges the Trump administration to revisit this alliance. The proposed merger is positioned to bring significant benefits to the combined company’s workers, strengthened U.S. national security, as well as bolstering America’s status in the international steel industry.
The merger will create a formidable force in the steel industry, capable of competing with global players and addressing the challenges posed by Chinese steel exports. By leveraging Nippon Steel's advanced technology and U.S. Steel's extensive market presence, the combined entity will set new standards for quality in steel production, enabling the combined organization to grow for the benefit of its employees, including its United Steelworkers (USW) union members, and the communities in which it operates.
"This merger is a game-changer for the steel industry. It brings together the best of both worlds – Nippon Steel's cutting-edge technology and U.S. Steel's deep-rooted market expertise,” said James P. Bouchard, Founder and Chairman of Esmark, Inc. “The combined entity will both strengthen America's steel industry and create new opportunities for growth and development in the Pittsburgh area and beyond. Nippon Steel has shown that it would address concerns to keep production in the United States while employing advanced environmental technologies to reduce carbon emissions. A deal can be done here consistent with America First principles; and we urge the Trump administration to take a fresh look at the merger.”
Esmark strongly believes the Pittsburgh area, particularly the Mon Valley, stand to gain immensely from this merger. Nippon Steel has committed to investing no less than $1 billion in the Mon Valley Works and approximately $300 million in Gary Works as part of the $2.7 billion committed to revitalizing these facilities and surrounding communities1. This investment will create jobs, stimulate the local economies and support the growth of small businesses in the region.
“The merger between U. S. Steel and Nippon Steel will help the United States maintain its competitive edge in the global steel market and protect national security interests by ensuring a steady supply of high-quality steel,” said Roberto Alvarez, CEO of Esmark Steel Group. “The merger will bolster the American steel industry by combining the strengths of these two industry giants. As a metal service center, we can expect enhanced innovation, increased production efficiency and a more reliable supply chain.”
About Esmark Steel Group
Esmark Steel Group, a wholly owned subsidiary of Esmark, Inc., is one of the United States’ leading processors and distributors of value-added flat-rolled steel and its affiliate is the third-largest U.S. producer of tin plate steel. We offer the products, services and innovations to help our customers gain and sustain the competitive edge in their industries. www.esmarksteelgroup.com
About Esmark, Inc.
Esmark, Inc. is a diversified, privately-held family company with a portfolio of industrial companies with strong roots in the steel industry. Over the years, Esmark has diversified its interests and operations into a number of businesses engaged in the industrial and commodity sectors. Esmark (a former publicly traded company on NASDAQ: ESMK) has focused on several key industries including steel services, oil and gas exploration, aviation, real estate, professional services, technology and youth sports development. The company is also an active corporate citizen in the communities it serves, having committed more than $10 million in philanthropic support of a wide range of humanitarian, education, family wellness and youth sports programs in Pennsylvania, Illinois and internationally. www.esmark.com
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Media:
Katie Regan
Director of Communications
Esmark, Inc.
[email protected]