Esmark to bid on former U.S. Steel operations in Serbia

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Justine Coyne

​Esmark Inc. confirmed it will make an offer to acquire United States Steel Corp.'s former operations in Serbia.

Justine Coyne

Reporter- Pittsburgh Business Times

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Esmark Inc. confirmed it will make an offer to acquire United States Steel Corp.'s former operations in Serbia.

Under Esmark Europe, a newly formed company led by Esmark Chairman and CEO James Bouchard, the company plans to submit its bid within the next few days when a public tender process is initiated by the Serbian government. U.S. Steel (NYSE: X) sold the Smederevo steelworks to the Serbian government in 2011 for $1 after the company purchased the facility for $23 million in 2003.

Bouchard met with Serbian Prime Minister Alexander Vucic in London on Tuesday.

"We're very thankful to the prime minister and all the Serbian government officials for their cooperation during the pre-tender and due diligence process, and we committed to Prime Minister Vucic that Esmark would submit an offer for Zelezara Smederevo during the tender process," Bouchard said in a statement.

Esmark has assembled a nine member management team for Esmark Europe should its tender offer be accepted. The management team previously worked together in revitalizing U.S. Steel's Kosice, Slovakia steel mill.

Justine Coyne covers manufacturing and higher education.