Aaron Cahall, The Examiner
2008-07-21 16:14:31.0
Current rank: Not ranked

Baltimore County -

Russian steelmaker Severstal, owner of Sparrows Point steel mill in Baltimore County, said Friday it would extend its offer to purchase shares of takeover target Esmark until  Aug. 4 at 10 a.m.

Severstal won the bidding war for the Wheeling, W. Va.-based steelmaker last month with a $1.25 billion deal, including the offer of $19.25 per share. Esmark shares closed Friday up 0.21 percent to $19.20.

Esmark had been targeted by both Severstal and Indian firm Essar Steel Holdings for months. Management initially backed Essar’s offer, but the United Steelworkers union favored Severstal.

The Russian company in May completed an $810 million deal for Sparrows Point.