Evraz sells North American assets

Evraz started collecting applications from potential buyers of its enterprises in the US and Canada (Evraz North America division). The company is one of the few Russian companies that successfully developed business in the USA and even included it in production chains. Thus, the former Oregon Steel plant in Portland, bought in 2007 for $2.35 billion, not only worked on slabs from Nizhny Tagil, but also produced armored steel on orders from the US Army.

The division's revenue ($2.3 billion in 2021) exceeds 15% of the company's total revenue, and in physical terms, it produced 1.88 million tons of steel products. "The sale of these assets will unlock the value of the North American division as an independent company," the statement said.

Immediately after the start of the "special operation", the company hoped to save the division. The largest shareholders of Evraz are Roman Abramovich (28.68%), Alexander Abramov (19.35%) and Alexander Frolov (9.66%). Evraz itself (registered in the UK) is under its sanctions, its listing on the LSE has been stopped, and a deal with North American assets will require the approval of the UK OFSI regulator. Under the sanctions of the UK and Abramovich himself, who was forced to leave the board of directors because of them.

The day before, the NYT wrote that an investigation into Abramovich's investments through Concord Management for $8 billion had begun in the United States. They were blocked immediately after British sanctions.