NEW YORK, Aug 15 (Reuters) - Esmark Inc majority owner and chief executive James Bouchard said in an interview on Tuesday that his steel maker, which does not publicly report its earnings, has cash for its $7.8 billion bid for U.S. Steel Corp (X.N) sitting in his bank account.
Esmark unveiled its offer on Monday after Cleveland-Cliffs Inc (CLF.N), another steel maker, said on Sunday it had made a $7.3 billion offer for U.S. Steel, which the latter rejected.
"I got $10 billion in cash in my bank account," Bouchard said.
Bouchard, a former U.S. Steel executive, said Esmark was "the third largest steelmaker in the country", without elaborating with any figures.
He subsequently bought back the Esmark name, trademark and intellectual property to create his latest steel maker, which he says generates over $500 million in annual revenue.
Persons:
James Bouchard, Esmark, Bouchard, " Bouchard, David Carnevali, Josie Kao
Organizations:
Esmark, U.S . Steel Corp, Cliffs Inc, U.S . Steel, Thomson
Locations:
Cleveland, U.S, Russian, New York