Atlas Holdings completes acquisition of EVRAZ North America

Newly formed Orion Steel to become a key steel producer in the US and Canada with an output of up to 3.5 million tonnes

Investment company Atlas Holdings has announced the completion of the acquisition of the steel assets of EVRAZ Inc. NA and EVRAZ Inc. NA Canada, and the creation of a new industrial group based on them – Orion Steel Companies. The newly formed company will be headed by Doug Matthews, a former top manager at U.S. Steel, according to BusinessWire.

Orion Steel combines three key assets: Rocky Mountain Steel Mills in Colorado, Oregon Steel Mills in Portland, and Interpro Pipe and Steel in Saskatchewan and Alberta (Canada). In total, the company has two electric arc furnaces, 12 rolling mills, and 17 scrap processing plants. Its capacity allows it to produce up to 2.3 million tons of steel and 3.5 million tons of finished products annually, mainly using secondary raw materials – over 98% of steel comes from scrap.

Rocky Mountain Steel is already known as the world’s largest solar-powered steel mill and a leading supplier of railroad rails in North America.

“Orion Steel is a well-capitalized company that can play a strategic role in strengthening the economic and energy security of the United States and Canada,” Matthews said.

He emphasized that the company has the support of Atlas as a long-term investor with experience in developing industrial assets.

Atlas Holdings partner Sam Astor added that Matthews has a rare combination of experience in manufacturing, commercial strategy, and human resources. In over 30 years at U.S. Steel, Matthews rose from a production manager to a top position in the technology and pipe business.

Orion Steel is positioned as a manufacturer of high-tech steel for the railway, energy, and industrial sectors. Atlas emphasizes that the creation of the company is a contribution to the strategic autonomy of the North American steel industry.

In early May 2022, Russia’s Evraz received a license in the UK allowing its subsidiaries to conduct commercial activities in North America. Prior to this, the British authorities announced that the company had been added to the sanctions list, which provides for the freezing of assets.