New investor may put Sparrows Point sale back in flight

Dec 19, 2007 | 08:33 AM | Scott Robertson

Hot on the heels of being grounded, the sale of ArcelorMittal USA Inc.'s Sparrows Point, Md., plant might again be ready to fly with a new investor said hanging in the wings.

In terms of the collapsed deal, the United Steelworkers' union says a decision by two international investors to pull out of E2 Acquisition Corp. led to the dissolution of its plans to buy the Sparrows Point, Md. operations of ArcelorMittal.

However, union officials said during a press conference Wednesday that they maintain good relations with Esmark Inc., Chicago, another principal of E2, and hope E2 will formulate a new plan to buy the plant.

And that's just what it appears poised to do. Craig Bouchard, E2's chairman and chief executive officer, said E2 has another investor lined up, though he declined to name the party. E2 will reformulate its bid with the aid of the new investor and plans to make another bid, he added.....

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