The U.S. Securities and Exchange Commission (SEC) has announced charges against Pittsburgh-based Esmark Inc. and its founder, chairman, and former CEO, James Bouchard, for announcing a false tender offer to purchase U.S. Steel Corp. The SEC stated that Esmark and Bouchard lacked the financial means to back the bid. The announcement of the tender offer was made in August 2023, proposing a $35 per share plan to acquire U.S. Steel. As a result of the false claim, Esmark and Bouchard have settled the charges and agreed to pay a combined $600,000 in civil penalties.