HomeInsuranceRussian steelmaker Evraz eyes sale of Canadian, U.S. facilities

Russian steelmaker Evraz eyes sale of Canadian, U.S. facilities

Prime Minister Justin Trudeau takes a tour of Evraz’s steel mill in Regina on March 14, 2018.Michael Bell/The Canadian Press

Evraz PLC is looking to sell its Canadian and U.S. operations as the Russian steelmaker struggles with the fallout from Moscow’s invasion of Ukraine, which includes sanctions against the company and its billionaire major shareholder.

Evraz said in a statement on Wednesday that it would solicit proposals for the North American operations, which include steel facilities in Alberta and Saskatchewan that serve the oil and gas industry. The Canadian business employs 1,800 people and Evraz has another 1,400 workers in the U.S., where it has plants in Oregon and Colorado and a head office in Chicago.

A sale would allow the company to “unlock the stand-alone value of the North America business,” Evraz said in the statement. The company did not respond to a request…

Read more at www.theglobeandmail.com

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