Evraz, 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 licence 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 pipes for the oil and gas industry, reported earnings before interest, taxes, depreciation and amortisation of $296m in the first half. It owns six production sites in the US and Canada and employs over 3,200 people. Russian billionaire Abramovich holds an almost 29% stake in the steelmaker. Abramovich was personally sanctioned by the UK and EU.
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