Atlas Holdings to acquire Evraz North America with assets in the US and Canada

The deal is expected to close in the second half of 2025

Investment company Atlas Holdings has signed a definitive agreement to acquire Evraz Inc. NA and Evraz Inc. NA Canada, along with their subsidiaries. Evraz North America (Evraz NA) is one of the leading producers of specialty steel for the railway, energy, infrastructure, and industrial sectors in the US and Canada. The deal is expected to close in the second half of 2025 after a number of conditions are met. This is stated in a press release from Atlas.

Evraz NA has over 3,400 employees, and its steel smelting and finished product production capacities are 2.3 million tons and 3.5 million tons per year, respectively. The company’s facilities are located in Colorado, Oregon, Alberta, and Saskatchewan. The plant in Pueblo, Colorado, is the world’s largest solar-powered steel mill and the leading supplier of rails in North America. The Canadian business is one of the market leaders in energy pipes.

The asset portfolio includes two electric arc furnaces, 12 rolling mills, and 17 scrap processing facilities, with more than 98% of production consisting of recycled raw materials.

“We invest in industry for the long term and provide capital and expertise for growth. The company views this transaction as a significant investment in the US and Canadian steel industry,” said Atlas partner Sam Astor.

Evraz NA President James “Skip” Herald said this is a new phase for the company, opening up long-term opportunities for people, customers, and communities in the cities where it operates.

The division was put up for sale after the British government imposed sanctions on Evraz Plc over Russia’s invasion of Ukraine. The company is partly owned by Russian businessman Roman Abramovich, and Evraz Plc itself has been recognized by London as strategically important to the Russian government. At the same time, Evraz NA officially operated as an independent entity, not involved in the transfer of funds or technologies that could threaten the territorial integrity of Ukraine.

It should be recalled that 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.