Evraz announced it is soliciting proposals for the sale of its North American subsidiaries, which includes two EAF mills, four rolling mills, eight tubular mills, and 17 scrap facilities.
The sale follows sanctions the UK announced on the London-based company in May, as a result of Russia’s invasion of Ukraine. Russian billionaire Roman Abramovich holds an almost 29 percent stake in Evraz, and he was personally sanctioned by both the UK and European Union.
In a press release, the company said the sale of the North American assets would allow them to “unlock the stand-alone value of the North American business.”
Evraz North American has a steelmaking capacity of 2.3 million tons per year, and a finished steel capacity of 3.5 million tons.
The solicitation process is being conducted by the UK’s Office of Financial Sanctions Implementation (OFSI).