N.B. child advocate says LGBTQ policy in schools violates Charter rights of kids

The Canadian Press
Tue, August 15, 2023 



FREDERICTON — New Brunswick's child and youth advocate says changes to the province's policy on sexual orientation and gender identity in schools violate the Charter rights of children.

Kelly Lamrock released his findings today, saying the Education Department did not seriously consider the legal consequences of its changes to Policy 713.

One of the changes requires children under 16 to have parental consent before they can officially change their preferred first names or pronouns at school.

Lamrock says that refusing to use the preferred names and pronouns of students is a violation of their rights under the Human Rights Act and the Charter of Rights and Freedoms.

Premier Blaine Higgs has defended the changes, arguing that parents have the right to know whether their children are questioning their gender identity.

But Higgs's government has faced strong criticism for the policy, including within his own cabinet and from Prime Minister Justin Trudeau.

This report by The Canadian Press was first published Aug. 15, 2023.

The Canadian Press

Florida students and professors say a new law censors academic freedom. They're suing to stop it

Tue, August 15, 2023 



College students and professors in Florida are suing education officials over a new law spurred by Republican Gov. Ron DeSantis' war on “woke," saying it violates their constitutional rights by censoring academic freedom.

The lawsuit was filed in federal court Monday by students and professors at New College, a progressive school with a prominent LGBTQ+ community that was taken over earlier this year by DeSantis and his allies, who claimed it was indoctrinating students with leftist ideology.

Florida now leads the United States “in efforts to censor academic freedom and instruction in its college classrooms,” according to the lawsuit, which is seeking a court order to block the law from being enforced.

The measure, passed by the Republican-dominated Legislature this year, outlaws spending on diversity programs, curbs professors’ tenure security and prohibits the teaching of “identity politics” in Florida public schools.

The new law also directs university leaders to monitor against programs that are based on theories “that systemic racism, sexism, oppression, and privilege are inherent in the institutions of the United States and were created to maintain social, political, and economic inequities.”

The suit alleges that the law is unconstitutional because it is overly broad and chills free speech. Specifically, it says the law jeopardizes courses at the honors college on gender studies, queer studies, race, sociology, feminist philosophy and other subjects that affect the school’s curriculum, textbooks, classroom teachings, research and students’ educational experiences.

“In dictating to faculty and students what ideas are true and false, Florida runs headlong into the Bill of Rights,” the complaint states.

The suit names as defendants Florida Education Commissioner Manny Diaz; the Florida Board of Governors, which oversees the state's universities; and the trustees at New College, which is located in Sarasota. The Associated Press sent an email seeking comment to the education commissioner's office and the Board of Governors' office.

When DeSantis, who is running for the Republican presidential nomination, and his allies took over the school earlier this year, they placed conservative trustees on its board and appointed an interim president who was a former Republican speaker of the Florida State House and DeSantis’ first commissioner of education.

Mike Schneider, The Associated Press

Pioneering coach thanks Sierra Leone boss Keister after leg amputation


Mohamed Fajah Barrie - BBC Sport Africa, Sierra Leone
Tue, August 15, 2023 

The first woman to coach an elite men's football club in Sierra Leone has thanked national team boss John Keister after he funded a life-saving operation to amputate her leg.

Pioneer Victoria Conteh, who played in Sierra Leone's first ever women's international in 1994, also made history when appointed coach of men's top-flight side East End Tigers ahead of the 2019-20 season.

Described by Keister as "like a sister" and a "trusted lieutenant", the 48-year-old first began experiencing an issue with her left foot in July 2022, going on to lose a considerable amount of weight as a result of the gradually developing pain.

"It started like a boil on two of my toes and was itching," Conteh tells BBC Sport Africa.

"I didn't take it seriously until I started feeling pain."

It was Keister who first advised Conteh, who is also a policewoman, to see a doctor.

"I went to the police hospital in Freetown and was treated After some time, I started feeling pain again and it got severe for close to four months," she added.

"Seeing that I had lost weight and was deteriorating, John took me to a doctor. After the diagnosis, the doctor told us the reason for the pain was because my foot had been badly infected by a poison I stepped on.

"I don't know where and when it happened but it was really painful."
'He's like a brother to me'

Surgeons amputated Conteh's leg in November last year. Once again, Keister was involved, breaking news of the decision to operate.

"It was John who the doctor first told about how severe my condition was," says a tearful Conteh.

"The best thing to do to save my life was to amputate my leg.

"When John called me on the phone and told me about it, I nearly collapsed. I can't even explain how I felt at that moment.

Sierra Leone men's national team head coach John Keister played a crucial role in Conteh seeking and receiving treatment on her left leg

"I was feeling pain inside. Even when my daughter brought me food, I wasn't able to eat.

"I didn't have the courage to break the news to her and my two sons. It was a sad moment for me.

"But it's the will of God, I have to accept it."

Keister says he funded Conteh's treatment because of the close bond the two have built up over the years.

"She's one of my trusted friends and a trusted lieutenant," says the 52-year-old, who guided Sierra Leone to the 2021 Africa Cup of Nations in Cameroon.

"She's like a sister to me. It was difficult to absorb the news and to break it to her after the doctor told me about the amputation. I cried."

'I love challenges' - Keister on Afcon qualification


Keister reveals squad selection death threats

Now learning to live with her disability, Conteh, who has also coached Sierra Leone's women at under-20 level, remains grateful to Keister for his emotional and financial support.

"He's a good man. We are close friends and he's like a brother to me," she says.

"I was down and frustrated, even after the successful operation. But with encouraging calls from people and prayers, I calmed down.

"I'm thankful to God that I'm still alive and I'm also grateful to coach Keister for paying for my surgery."
A coaching pioneer

As a player, Conteh featured for top-flight side Ascentonians when Sierra Leone's women's league first began in the early 1990s, going on to also play for Prisons, Lioness and Soccer Angels, and earning six caps for her country.

Part of a footballing family living in the capital Freetown, she developed her love of the game at an early age - against the wishes of her mother.

"My father, uncle and two cousins played football," she explains.

"I started playing football during my primary school days. I usually hid my boots from my mum.

"She was totally against it because there was the belief at the time that football was meant for the men and not the women.

"But my elder brother pleaded with my mum, to persuade her by reminding her that football was in me because I came from a football family and I was born and raised in a football community.

"So my mum gave me the green light. That is how I became a player."

Decades later, Conteh became the only female coach in Sierra Leone to hold a top-level A Licence issued by the Confederation of African Football before East End Tigers added to the list of firsts by appointing her as their manager in the National Premier League.

Sadly for Conteh, fate intervened when her first season in charge was curtailed by the coronavirus pandemic and she was subsequently ordered by her superiors with the police to take the reins with Police FC following their promotion to the top-flight in 2021.
A new role in football

Conteh's ordeal has affected her "emotionally, physiologically and physically".

"Sometimes, when I sit and look at my amputated leg, I feel bad," she says.

"I don't go out frequently nowadays as I spend most of my time in my house.

"I won't be on the touchline anymore giving instructions to players and I'm not happy about it because I like my coaching job. Nevertheless, I'll now serve as a technical adviser."

Keister, too, is coming to terms with what has happened to his good friend and is pleased to hear she has no plans to give up football entirely.

"I'm missing her a lot because we used to be together all the time. But I'm glad that she's coping."

Unbelievable video shows Tesla electric semitruck go head-to-head with a diesel 18-wheeler — see who won

Sara Klimek
Mon, August 14, 2023

So far, electric vehicle giant Tesla has focused on developing the next generation of passenger vehicles. But, a video released on Twitter shows the power and capacity of Tesla’s new Semi truck as it easily drives up a steep hill on the Donner Pass.

Conventional diesel semitrucks have historically struggled to get up to highway speed going up steep slopes. Many of them may reach only 60 miles per hour within 30 seconds, which can block other motorists from passing and slow down the speed of traffic. The Tesla Semi, in comparison, can go from 0 to 60 miles per hour in less than 20 seconds.

Tesla currently uses its semitrucks to carry materials between its California and Nevada facilities. Therefore, it’s likely the Semi recorded in the video was carrying freight.

Besides the apparent benefits of traversing across graded surfaces, Tesla’s Semi may also revolutionize the trucking and hauling industry in terms of emissions. Combination trucks account for nearly 18% of motor vehicle emissions nationwide. Tesla’s Semi has a smaller footprint and opens up the opportunity to be powered by alternative renewable sources like solar and wind.

The Semi uses 2 kilowatt hours of energy per mile and can travel up to 500 miles before needing a charge. Like its smaller EV counterparts, the Semi needs to charge for only 30 minutes to recover 70% of its range capacity.

Trucking companies will see drastic financial returns from purchasing electric Semis rather than diesel vehicles. The company estimates buyers will save more than $200,000 on fuel in the first three years of ownership. The remote diagnostic system also decreases the maintenance and repairs needed on the vehicle, suggesting that the long-term cost of owning one may be more optimal than an internal combustion engine.

The first Tesla Semis were sold to PepsiCo in 2022, and Tesla remains one of the predominant users of the vehicles for its own trucking purposes. The company expects more of its Semis to be on the road in the coming years.

A theoretical physicist says AI is just a ‘glorified tape recorder’ and people’s fears about it are overblown

Sawdah Bhaimiya
Mon, August 14, 2023 at 5:33 AM MDT·2 min read

Michio Kaku, a theoretical physicist, says AI can't distinguish true from false.

Theo Wargo/Getty Images

A theoretical physicist shut down the fears around AI saying it's just a "glorified tape recorder."


Michio Kaku said chatbots like OpenAI's ChatGPT can't even distinguish true from false.


An AI godfather also said that fears about AI threatening humanity are "preposterously ridiculous."

A theoretical physicist shut down the hype around the dangers of AI saying chatbots like OpenAI's ChatGPT are just "glorified tape recorders."

Michio Kaku, a professor of theoretical physics at City College of New York and CUNY Graduate Center, was interviewed by CNN's Fareed Zakaria about his thoughts on AI.

"It takes snippets of what's on the web created by a human, splices them together, and passes it off as if it created these things," he said. "And people are saying: 'Oh my God, it's a human, it's humanlike.'"

Kaku explained that chatbots cannot distinguish true from false: "That has to be put in by a human."

AI tools like ChatGPT and Google Bard are able to hold conversations and do powerful mathematical calculations, among other skills.

This has triggered concerns about the capabilities and risks associated with AI. Chatbots are usually based on large language models that are fed large amounts of information. They are also trained by humans to help improve their responses.

In March, billionaire Elon Musk and multiple AI experts signed an open letter calling for a six-month moratorium on the development of AI more powerful than OpenAI's GPT-4. It cited the potential risk of AI causing the loss of control of civilization.

Yann LeCun, dubbed an AI "godfather" and Meta's chief AI scientist, shared similar sentiments with Kaku saying that fears about AI posing a threat to humanity are "preposterously ridiculous."

"Will AI take over the world? No, this is a projection of human nature on machines," LeCun said at a press event in Paris in June, per BBC News.

INDONESIA
Burning mangrove trees for a living: 'I'd quit tomorrow if I could'

Raja Lumbanrau and Lorna Hankin - BBC World Service
Mon, August 14, 2023 

Nurhadi uses the two furnaces he owns in the village of Batu Ampar, Indonesia for charcoal production

Indonesia has more mangrove trees than any other country but there's growing concern about the "dangerous" rate they are being cut down, turned into charcoal and exported to places such as Europe, China and Japan. People involved in the work know the trees are important for the environment and would like to quit but they see no other way to survive.

Inside a wooden hut, near his house on the island of Borneo, Nurhadi keeps two furnaces burning all year round. The 68-year-old employs at least a dozen people.

Four men cut up wood collected from mangrove trees, while another throws it into a furnace made from earth and stones. Once burned, the wood is cooled and packaged, ready to be sold.

Mangrove wood is very hard and dense but not very durable, which makes it ideal for charcoal production and particularly good for barbeques. But it is a resource-intensive process with little return.

Sixteen tonnes of raw material only produces three tonnes of charcoal. "If I produce less than three tonnes, it's a loss," Nurhadi says. Once costs are taken into account, he estimates he only makes a profit of about $1,250 (£1,000) per year.

"There's no money in cutting down mangroves. Nobody gets rich from charcoal furnaces. We do this to have food on our plate," he explains.

A conversation he once had with a government official sums up his predicament: "He asked me: 'Are you ready to leave the charcoal business?' I answered: 'If you can provide farming land or other opportunities, I'd quit tomorrow.'"

Almost half of the 9,000 people in Nurhadi's village, Batu Ampar, rely on mangrove charcoal for a living, a tradition dating back to the 1940s. Some families like Nurhadi's have been doing this for generations - his father and grandfather owned the same furnaces, so he says this is the only work he knows.

Indonesia is home to 20% of the world's mangroves, and Nurhadi's area, the Kuba Raya Regency has the biggest mangrove forest in the western part of Indonesian Borneo.

But the number of furnaces is increasing - in 2000 there were 90 but today there are at least 490 - and that is speeding up deforestation.


BBC graphic showing deforestation in the region from 2006 to 2020

Arsyad Al Amin, who is involved in a local research project, predicts that the Batu Ampar mangrove forest will only last for another 74 years if things carry on as they are. "It will all be gone in 2096," the researcher from the Bogor Agricultural Institute says.

Thick, dense forest areas of mangrove canopy have decreased so much that bare patches can now be seen from planes overhead.

"If there is no effort to accelerate rehabilitation, this is dangerous. We desperately need intervention," he warns.
Mangrove forests:

Tackle climate change, by reducing carbon in the atmosphere - some do this up to 10 times better than forests on land


Protect people from coastal erosion, storm surges and tsunamis


Provide nurseries for tropical fish


Shield coral reefs from storms and heat waves


Boost economies of many developing countries

Source: The Ocean Agency

Deep in the forest, an hour north of Batu Ampar village by boat, dozens of mangrove trees have been cut down. The people living along the river breathe in air mingled with the smoke coming from rows of furnaces.

There are areas in this forest where it is legal to take wood, but as the number of furnaces grows, it gets harder to source raw materials and loggers venture further into the protected areas.

Among the sound of monkey chatter and birdsong is the unmistakable sound of a chainsaw revving up.

We speak to some men who are cutting down an average-sized mangrove tree. "We would not cut down the big trees," says one lumberjack who refuses to reveal his name because he is operating in a protected forest. He's wearing minimal safety gear. "A logger died from being crushed by wood when cutting," he says. "This is a high risk job, but my children need to eat."

Local officials claim action against illegal logging is hard to enforce

The local environment and forestry agency claims it's been hard to enforce the regulations on illegal logging.

"There are too many home furnaces and a large number of locals involved in this activity," spokesman Adi Yani says.

He also thinks that if they impose the rules strictly "it has the potential to cause social unrest".

"Repressive law enforcement" was carried out a few years ago against loggers and furnace owners in Batu Ampar village, says an official with the local government, Herbimo Utoyo. But, he adds, "it never reached court because it is viewed as a tradition, a culture".

He also says the government has offered to train people how to farm honey from the forest and produce palm sugar to try to move them away from the charcoal industry, but he admits: "It hasn't been successful yet. It's hard to break something that has been done from generation to generation."

Illegal logging has turned many of Indonesia's forested areas sparse

But one man who quit the charcoal business says the government needs to do more. "We feel like we were left alone without the government's support. If they do have programmes, maybe they only came to the head of the village. No-one came to us," 39-year-old Suheri says.

Ten years ago, he used to run two furnaces but decided to stop after a peatland fire smothered his village in smoke. "I thought that if the fire happened in our mangrove forest, we'd be devastated," he explains.

Before the pandemic, he tried farming mud crab in mangrove aquaculture, but the venture failed. "I suffered a huge loss, and I am in debt because of it," he says. Now he collects honey from the forest's bees instead.

Suheri uses his boat to navigate the waterways and can spend hours looking for beehives that are ready to be harvested.

When he spots one, he puts on a homemade hat with a veil, climbs up the tree and uses smoke from burned nipah leaves to distract the bees. "There are many risks with collecting honey - mud, wild animals, snakes and crocodiles. The least of the risks is getting stung by the bees," he says with a little laugh.

Suheri says he is determined not to return to charcoal production

If he is lucky, Suheri can collect up to five bottles of honey in a day, with one bottle of raw, wild forest honey selling for $10 (£8). It's a very good price but he says he can't count on just honey for a living because "the harvesting season is uncertain".

When he's not in the forest looking for honey, Suheri breeds croaker fish but the eggs are expensive and there is a high chance they will die.

Even thought it's not easy, he says he is determined to find something other than the furnaces to make money, in the hope it inspires others in his village to stop cutting down mangrove trees to make charcoal.

"I have to do better... If I want people to change, I have to succeed!" he exclaims.

SAG-AFTRA Will No Longer Approve Indie Projects Written Under WGA Contract

Gene Maddaus
Mon, August 14, 2023

SAG-AFTRA announced Monday that it will no longer grant interim agreements to independent projects that were written under a Writers Guild of America contract.

The union has already given permission for 207 independent projects to continue to film during the strike, including ones with stars like Jason Bateman, Anne Hathaway and Matthew McConaughey.

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SAG-AFTRA argued that the agreements supported the strike because they involved independent producers who agreed to all of the union’s demands. But they have caused considerable backlash within the union, as some members felt they undermined the strike’s overall impact.

Monday’s announcement was the first concession to that backlash. The union agreed that going forward, it will not approve projects that were written under a WGA contract and will be produced in the U.S.

“We have been advised by the WGA that this modification will assist them in executing their strike strategy, and we believe it does not undermine the utility and effectiveness of ours,” the guild announced Monday. “It is a win-win change.”

The move is a signal of solidarity with the WGA strike, which began on May 2. The WGA strike rules forbid members from engaging in “writing services,” but do not preclude WGA-covered scripts from being produced.

The SAG-AFTRA decision will not affect the 207 projects that have already been approved. In order to obtain an interim agreement from SAG-AFTRA, the producers must show they do not have financing from companies in the Alliance of Motion Picture and Television Producers. They must also agree to the latest terms proposed by SAG-AFTRA before the strike was called on July 13.

The contracts will ultimately be modified to conform to the whatever agreement the AMPTP reaches with SAG-AFTRA.

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CRYPTO CRIMINAL CAPITALI$M

Testimony from Sam Bankman-Fried's trusted inner circle will be used to convict him, prosecutors say

LARRY NEUMEISTER
Mon, August 14, 2023 

 FTX founder Sam Bankman-Fried leaves Manhattan federal court in New York, Feb. 16, 2023. Prosecutors said Monday, Aug. 14, they'll use testimony from Bankman-Fried's “trusted inner circle” of former executives at his collapsed cryptocurrency empire against him at an October trial. (

NEW YORK (AP) — Testimony from FTX founder Sam Bankman-Fried’s “trusted inner circle” of former executives at his collapsed cryptocurrency empire will be used to prove at an October trial that he misappropriated billions of dollars from his investors to fuel his businesses, make illegal campaign contributions and enrich himself, prosecutors said Monday.

Prosecutors made the assertions in papers filed in Manhattan federal court, where Bankman-Fried is charged with defrauding investors in his businesses and illegally diverted millions of dollars’ worth of cryptocurrency from customers using his FTX exchange. He has pleaded not guilty.

The court filing, in which prosecutors describe evidence they plan to present to jurors, came three days after Bankman-Fried was sent to a federal jail in Brooklyn to await trial by Judge Lewis A. Kaplan, who said there was probable cause to believe he had tried to tamper with witness testimony at least twice since his December arrest.

It also came on the same day that prosecutors filed a streamlined indictment that contains the seven charges Bankman-Fried faces at the Oct. 2 trial — but there's no longer a campaign finance charge for now, though it could go to trial later if they are found to conform with the terms of an extradition treaty with the Bahamas.

Still, prosecutors said in the latest indictment that Bankman-Fried misappropriated customer money to help fund over $100 million in political contributions in advance of the 2022 election. The indictment said he sought to “maximize FTX's political influence” and use “these connections with politicians and government officials to falsely burnish the public image of FTX as a legitimate exchange.”

Late Monday, Bankman-Fried's lawyers filed their own court papers related to trial evidence. In them, they asked that the trial judge exclude evidence about the FTX bankruptcy, the solvency of FTC and its affiliated trading platform, Alameda Research, and their ability to pay customers back.

They also asked that the judge ban prosecutors from telling jurors that Bankman-Fried resigned from FTX. They said they may oppose the prosecution's plans to introduce evidence related to severed or withdrawn counts, such as the campaign finance charge.

Before Friday, Bankman Fried, 31, had been living with his parents in Palo Alto, California, after signing a $250 million personal recognizance bond following his extradition from the Bahamas last December.

Prosecutors recently sought his detention, saying he had tried to intimidate his former girlfriend, Caroline Ellison — the onetime CEO of Alameda Research — by releasing some of her writing to a journalist.

On Monday, the government said they would rely on testimony from Ellison, FTX co-founder Gary Wang and former FTX engineering chief Nishad Singh to show jurors “the unlawful conduct directed and undertaken by the defendant.”

All three have pleaded guilty to criminal charges in cooperation agreements with the government that could earn them leniency at sentencing.

Prosecutors said they “formed the defendant's trusted inner circle during the course of the conspiracy” and their testimony will be supplemented by multiple former employees of Alameda and FTX along with several victims, including customers, lenders and investors.

Other evidence will consist of financial records, Google documents and spreadsheets, and private communications, they added.

A spokesperson for Bankman-Fried declined comment on Monday.

Meanwhile, the judge on Monday granted a request by defense lawyers that their client be supplied his daily prescribed medications for depression and attention deficit/hyperactivity disorder.

UN to hold emergency meeting on Azerbaijan's blockade of road from Armenia to Nagorno-Karabakh

EDITH M. LEDERER
Mon, August 14, 2023 

UNITED NATIONS (AP) — The U.N. Security Council scheduled an emergency meeting Wednesday in response to a call from Armenia saying the mainly Armenian-populated region of Nagorno-Karabakh in neighboring Azerbaijan is blockaded and 120,000 people are facing hunger and “a full-fledged humanitarian catastrophe.”

Armenia’s U.N. Ambassador Mher Margaryan asked for the meeting on the dire situation in Nagorno-Karabakh in a letter to the ambassador of the United States, which holds the Security Council presidency this month.

The U.S. Mission to the U.N. said Monday the emergency open meeting will take place on Wednesday afternoon.

In his letter to Ambassador Linda Thomas-Greenfield, Margaryan said Azerbaijan’s complete blockade since July 15 of the Lachin Corridor – the only road connecting Nagorno-Karabakh to Armenia – has created severe shortages of food, medicine and fuel.

“The deliberate creation of unbearable life conditions for the population is nothing but an act of mass atrocity targeting the indigenous people of Nagorno-Karabakh and forcing them to leave their homeland,” he said, stressing that this constitutes “an existential threat to them.”

Margaryan asked the Security Council, which is charged with ensuring international peace and security, “to prevent mass atrocities including war crimes, ethnic cleansing, crimes against humanity and genocide.”

Nagorno-Karabakh came under the control of ethnic Armenian forces backed by the Armenian military in separatist fighting that ended in 1994. Armenian forces also took control of substantial territory around the Azerbaijani region.

Azerbaijan regained control of the surrounding territory in a six-week war with Armenia in 2020. A Russia-brokered armistice that ended the war left the region’s capital, Stepanakert, connected to Armenia only by the Lachin Corridor, along which Russian peacekeeping forces were supposed to ensure free movement.

Margaryan accused Azerbaijan of violating the Russian-brokered armistice and international humanitarian law as well as orders by the International Court of Justice in February and July. The U.N.’s highest court said in its orders that Azerbaijan should “take all measures to ensure unimpeded movement of persons, vehicles and cargo along the Lachin Corridor in both directors,” the Armenian ambassador said.

Azerbaijan’s Foreign Ministry has accused Armenia of violating its territorial integrity and sovereignty and of smuggling weapons into Nagorno-Karabakh.

Last week, the former chief prosecutor of the International Criminal Court warned that Azerbaijan is preparing genocide against ethnic Armenians in its Nagorno-Karabakh region and called for the Security Council to bring the matter before the international tribunal.

Luis Moreno Ocampo said in a report requested by a group of Armenians, including the country’s president, that as a result of the blockade “there is a reasonable basis to believe that a genocide is being committed.”

He said the U.N. convention defines genocide as including “deliberately inflicting on the group conditions of life calculated to bring about its physical destruction.”

Privately held Esmark makes offer for US Steel, sets up bidding contest for iconic steelmaker

ALEXANDRA OLSON
Mon, August 14, 2023 






 A water tower at United States Steel Corp.'s Edgar Thomson Plant in Braddock, Pa., is seen, Thursday, May 7, 2020. On Sunday, Aug. 13, 2023, U.S. Steel said that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers. 

(AP Photo/Gene J. Puskar, File)


NEW YORK (AP) — Industrial conglomerate Esmark said Monday it has made an all-cash offer to buy U.S. Steel that values the iconic steelmaker at $7.8 billion, topping an earlier offer from rival Cleveland-Cliffs.

On Sunday, U.S. Steel said it had rejected a cash and stock offer from Cleveland-Cliffs that was valued at $7.3 billion as of the close of trading Friday. U.S. Steel also said it had received offers for all or parts of the company from several parties and was evaluating its options.

Pittsburgh-based Esmark is run by James Bouchard, a former vice president in U.S. Steel's European operations. In an interview, Bouchard said he is interested in modernizing U.S. Steel and keeping the company under American ownership.

Besides its steel-producing and distribution business, privately held Esmark has operations in aviation, oil and gas exploration, real estate and other industries.

Cleveland-Cliffs is the largest producer of flat-rolled steel and iron in North America. Pittsburgh-based U.S. Steel has been a symbol of industrialization since it was founded in 1901 by J.P. Morgan, Andrew Carnegie and others, though its stock price has languished in recent years as steel prices have fluctuated.

In Monday trading on Wall Street, U.S. Steel shares soared 36.8% to close at $31.08. Cleveland-Cliffs shares rose 8.8% to $15.98.

WELCOME TO ESMARK
Press Room

The Esmark Center

In October 2008, Founder James P. Bouchard brought the Esmark legacy and brand name back to life for a third time, and today continues to refine its pathfinder business model that has propelled the company into a $400 million dollar enterprise in just three years.

Esmark is a diversified, privately-held family company with a portfolio of industrial companies with strong roots in the steel industry. Over the years, Esmark has diversified its interests and operations into a number of businesses engaged in the industrial and commodity sectors.

Esmark (a former publicly traded company on NASDAQ: ESMK) has focused on several key industries including steel services, oil and gas exploration, aviation, real estate, business services, technology and sports management.

Today, Esmark’s two largest business segments are steel services and oil and gas production. Since 2009 the company has been reacquiring some of its original steel assets that followed its growth from humble beginnings in Chicago to becoming the fourth largest American steel producer before the sale of its largest asset in 2008. Led by Founder, Chairman and CEO James P. Bouchard, Esmark’s management team has over a century of experience in executive management, strategic planning, mergers and acquisitions, finance, purchasing, sales, and operations. Together, this team is rebuilding a company that will once again blend the best of its respective skills and backgrounds to deliver significant returns to its shareholders.

Esmark’s rapid rise to prominence began with its first acquisitions in 2003: East Chicago, Indiana-based Electric Coating Technologies, Inc. and Chicago Heights, Illinois-based Sun Steel, providing the company with a strong foundation into the steel service center and converter segments of the industry. Over the course of the next four years, Esmark acquired seven other service centers, painted products, and steel distribution companies that quickly propelled the company into a leading provider of value-added steel products in the Midwest with more than $600 million in annual revenue by 2006. By that time, the company had a market base stretching across the Midwest with more than 2,000 customers engaged in a diverse range of industries. During its expansion Esmark also built a number of strategic partnerships and joint ventures with leading steel companies from around the world to purchase, process, and distribute steel products throughout the U.S.

Esmark successfully completed the first hostile tender/reverse merger in the history of the United States with the combination of Wheeling Pittsburgh Steel Corporation and Esmark in 2007 and demonstrated its commitment to shareholder value with the successful sale of Esmark to OAO Severstal in August of 2008. Esmark was founded in 2003 at 25 cents per share, with an enterprise value of $2 million and revenue of $4 million. The sale to OAO Severstal was for $19.25 per share with an enterprise value of $1.3 billion and 2008 revenue of $3 billion.