Russian steel giant exits US operations — RT Business News


Major Russian steel and mining company Evraz on Wednesday announced plans to sell its North American operations and began looking for buyers.

According to a statement posted on the company’s website, the process is being conducted under the general license of the Office of Financial Sanctions Implementation (OFSI). “The eventual transaction will be subject to applicable regulatory and corporate approvals and sanctions laws, and will require approval from relevant sanctions authorities, including the OFSI,” read the statement.

Evraz North America describes itself as a major vertically integrated producer of engineered steel products for the North American rail, energy, industrial and construction markets. Its steelmaking capacity is 2.3 million tons per year.

Shares in Evraz were suspended from trading on the London Stock Exchange in March, and in May the UK government imposed sanctions on the company, along with one of its major shareholders, Roman Abramovich. The UK-based steelmaker was once counted among Britain’s biggest companies.

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