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Privately held Esmark makes offer for US Steel, sets up bidding contest for iconic steelmaker | News, Sports, Jobs

Privately held Esmark makes offer for US Steel, sets up bidding contest for iconic steelmaker | News, Sports, Jobs
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Esmark CEO says has money in bank account for $7 8 billion US Steel bid

NEW YORK (Reuters) -Esmark Inc majority owner and chief executive James Bouchard said in an interview on Tuesday that his steelmaker, which does not publicly report its earnings, has cash for its $7.8 billion bid for U.S. Steel Corp sitting in his bank account. Esmark unveiled its offer on Monday after Cleveland-Cliffs Inc, another steelmaker, said on Sunday it had made a $7.3 billion offer for U.S. Steel, which the latter rejected. Cleveland-Cliffs said it could afford the deal because it would pay for half of it using its own stock as currency and borrow from banks to help pay for the other half.

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