Aug 10, 2022
Russian Steelmaker Evraz Puts North American Assets Up for Sale
, Bloomberg News
(Bloomberg) -- Evraz Plc, a steelmaker backed by sanctioned Russian billionaire Roman Abramovich, has put its North American business up for sale.
The London-based steelmaker is “soliciting proposals for the acquisition of its North American subsidiaries,” according to a statement. Evraz, which was sanctioned by the UK after Russia’s invasion of Ukraine, received a general license from the UK’s Office of Financial Sanctions Implementation allowing it to proceed with the solicitation process. Any transaction will require approval from sanctions authorities, in addition to regulatory and corporate approvals.
Evraz North America, the largest North American producer of rails and large-diameter pipes for the oil and gas industry, reported earnings before interest, taxes, depreciation and amortization of $296 million in the first half. It owns six production sites in the US and Canada and employs over 3,200 people.
READ: Roman Abramovich’s London Empire Unravels as Sanctions Bite
Russian billionaire Abramovich holds an almost 29% stake in the steelmaker. Abramovich was personally sanctioned by the UK and European Union.
The company declined to comment further.
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