Evraz plc, a Russian steelmaker, has officially started soliciting bids to acquire its North American subsidiaries, which include Evraz Steel in Regina.
In a press release Wednesday, Evraz said the sale would allow them to “unlock the standalone value of the North American business.”
Evraz says it could lay off nearly 250 workers at the Regina steel mill
Currently, Evraz North America (ENA) operates two EAF-based steel mills, four rolling mills and eight tube mills, as well as 17 scrap recycling plants.
ENA has a steel making capacity of 2.3 million tons and a finished steel capacity of 3.5 million tons.
The tendering process is conducted by the Office of Financial Sanctions Implementation (OFSI).
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In 2022, EVRAZ plc stated that it did not and does not receive any income from ENA’s activities.
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The UK government announced sanctions against Evraz plc in May, preventing citizens and businesses from doing business with it.
The Company completed the acquisition of IPSCO Inc.’s plate and tube business in Canada in June 2008 for approximately $2.9 billion, including the Regina steel mill.
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https://globalnews.ca/news/9051993/evraz-seeking-buyers-for-north-american-operations/ Evraz seeks buyers for North American businesses