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Private industry group Esmark said it has acquired U.S. Steel for about $10 billion, including debt, in all cash, becoming the second company in two days to announce a takeover.

James Bouchard’s family-controlled group said on Monday it had offered to buy US Steel for $35 a share, but it gave no details on how it planned to finance the deal, nor did it disclose Names of investment banks and law firms advising it. bid.

Esmark’s move came a day after U.S. Steel rejected a $35-a-cash and stock offer from Cleveland-Cliffs, North America’s largest flat steel producer.

“This is an exciting time as the entire U.S. steel industry is being restructured, and with Esmark’s long history of excellence, we are eager to continue growing and we are well positioned to enter and operate (U.S. Steel),” Bouchard said.

U.S. Steel said on Sunday it had hired consultants to help it consider “strategic alternatives” after receiving multiple unsolicited bids. After Esmark announced its offer, the company declined to comment further.

People close to the company stressed that U.S. Steel would not put itself up for sale, adding that it could eventually remain independent.

North American steel companies have experienced a wave of consolidation in recent years, dominated by four players: Cleveland-Cliffs, US Steel, Nucor and Steel Dynamics.

The industry has shrunk sharply in recent decades as manufacturing has moved overseas and supply has been dominated by low-cost Chinese producers.

However, steel tariffs introduced by Donald Trump and infrastructure and reshoring initiatives pushed by the Biden administration have made U.S. steelmakers more competitive recently.

U.S. Steel is closely associated with the rise of American manufacturing and has contributed to many of the country’s most iconic skyscrapers, including Chicago’s Willis Tower and New York’s United Nations Building. Its shares, which have been stagnant in recent years, jumped nearly 40% on Monday after news of the takeover bid broke.

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