Sparrows Point steel mill update

December 20, 2007

Craig T. Bouchard, who heads Esmark Inc., said by e-mail Thursday that he is weighing another run at the Sparrows Point. E2 Acquisition Corp., an international group of investors led by the Illinois-based Esmark, nearly bought the sprawling Baltimore County plant for $1.35 billion, but the deal fell through this week.

This time, Bouchard said domestic investors might work better.

“We will reconfigure our partners and look at submitting a new bid,” he wrote. “We hope to do so with American partners who pass muster with the [United Steelworkers] and who appreciate what it takes to succeed.”

He said he doesn’t think the plant would succeed unless it is part of a larger operation.

“In steel, scale is a critical component of success. In this era, the right partnerships are required to deal with rising raw material and energy costs.”

In my story today, United Steelworkers officials said two international investors that dropped out of the E2 partnership would not commit to rolling Sparrows Point into a larger company.

ANDY ROSEN, Business Writer

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Posted by Jackie Sauter | Filed Under business, sparrows point 

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