REGINA — The owners of the EVRAZ steel mill in Regina are planning to sell its interests in North America.
In a news release on their website, EVRAZ plc announced it was “launching the process of soliciting proposals for the acquisition of its North American subsidiaries (EVRAZ North America, 'ENA' or the 'Company').”
According to the company the sale will “allow to unlock the stand-alone value of the North America business.”
According to the company the potential transaction will be subject to regulatory and corporate approvals and applicable sanctions laws, and require approval from relevant sanctions authorities, including OFSI. The company also states they do not intend to provide any additional information on the process unless or until it is finalized.
The parent company EVRAZ plc had been impacted by the sanctions on Russia earlier this year, which may or may not be a factor in this move to divest its North American operations. The company has employed roughly 1,200 workers out of its Regina plant.
