WHEELING, W.Va., May 30 /PRNewswire-FirstCall/ -- Esmark Incorporated
(Nasdaq: ESMK) (the "Company") announced today, in response to OAO
Severstal's unsolicited tender offer to acquire all outstanding shares of
Esmark common stock for $17.00 per share, that the Esmark Board of
Directors will examine and consider the Severstal offer, consistent with
its fiduciary duties and the Company's obligations under its memorandum of
agreement with Essar Steel Holdings Limited.
On or before June 13, 2008, Esmark will advise shareholders whether the
Esmark Board recommends acceptance or rejection of the Severstal offer,
expresses no opinion and remains neutral toward the Severstal offer or is
unable to take a position with respect to the Severstal offer. Esmark urges
its shareholders to take no action with respect to the Severstal offer
until the Esmark Board makes its recommendation.
About Esmark Incorporated
Esmark Incorporated is a vertically integrated steel producer and
distributor, combining steel production capabilities through both blast
furnace and electric arc furnace technologies with the just-in-time
delivery of value-added steel products to a broad customer base
concentrated in the Ohio Valley and Midwest regions. Currently
headquartered in Wheeling, WV, the Company is a producer of carbon
flat-rolled products for the construction, container, appliance,
converter/processor, steel service center, automotive and other markets.
The company's products include various sheet products such as hot rolled,
cold rolled, hot dipped galvanized, electro-galvanized, black plate and
electrolytic tinplate. More information about Esmark can be found at
http://www.esmark.com.
Important Information
Esmark shareholders should read Esmark's Solicitation/Recommendation
Statement on Schedule 14D-9 when it is filed by Esmark with the Securities
and Exchange Commission as it will contain important information. The
Solicitation/Recommendation Statement and other public filings made from
time to time by Esmark with the SEC are available without charge from the
SEC's website at http://www.sec.gov or from Esmark.
SOURCE Esmark Incorporated
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Related links:
http://www.esmark.com
http://www.prnewswire.com/comp/967451.html /
CONTACT:
Media, Dennis Halpin of Esmark Incorporated,
+1-304-234-2421 (office), +1-304-650-6474 (mobile),
dhalpin@esmark.com or Bill Keegan, Edelman, +1-312-927-8424
(mobile), bill.keegan@edelman.com; Investors, Dennis Halpin of
Esmark Incorporated, +1-304-234-2421 (office), +1-304-650-6474
(mobile), dhalpin@esmark.com
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