EVRAZ plc has announced it is launching the process of soliciting proposals for the acquisition of its North American subsidiaries.
Taryn Snell / Global News
Evraz plc, a Russian steelmaker, has officially started soliciting proposals for the acquisition of its north American subsidiaries, which includes Evraz Steel in Regina.
In a press release Wednesday, Evraz said the sale would allow them to “unlock the stand-alone value of the North America business.”
Currently, Evraz North America (ENA) operates two EAF-based steel facilities, four rolling mills and eight tubular mills along with 17 scrap recycling facilities.
ENA has steelmaking capacity of 2.3 million tons and finished steel capacity of 3.5 million tons.
The solicitation process is being conducted by the Office of Financial Sanctions Implementation (OFSI).
In 2022, EVRAZ plc said it did not receive and does not plan to receive any income from the activities of ENA.
The U.K. Government announced sanctions on Evraz plc in May, which has prevented any citizen or companies from doing business with them.
The company completed its acquisition of IPSCO Inc.’s plate and pipe business in Canada in June 2008 for approximately USD$2.9 billion, that included the steel plant in Regina.
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