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Atlas Holdings to Acquire EVRAZ North America
06/30/2025 - EVRAZ North America is being sold to a Connecticut-based private equity fund, ending three years of uncertainty around the steelmaker's future.
The buyer, Atlas Holdings, has agreed to pay up to US$500 million for EVRAZ North America, with most of the sale amount deferred until the “achievement of certain milestones by the North America business following the closing of the sale.”
EVRAZ North America was listed for sale in 2022 after its parent, EVRAZ Plc was sanctioned following Russia's invasion of Ukraine. EVRAZ North America has operated independently since then.
“This is an exciting new chapter for EVRAZ North America. It brings long-term opportunity for our people, our customers, and the communities where we operate. This partnership ensures a bright and stable path forward for our teams across the U.S. and Canada,” said James ‘Skip’ Herald, EVRAZ North America resident and chief executive officer.
EVRAZ North America operates two electric arc furnace (EAF) steel facilities, 12 product mills, and 17 scrap recycling facilities. It has operations in Pueblo, Colo., and Portland, Ore., in the U.S., and in Regina, Sask., and Calgary, Alta, in Canada. The company employs about 3,400 people.
The deal is expected to close in the second half of this year.
“This is a major investment in creating a more vibrant domestic steel production industry right here in the United States and Canada,” said Atlas Holdings partner Sam Astor.
“Our approach is straightforward and consistent: we invest in industrial businesses for the long term and provide the capital and leadership expertise to grow those companies and ensure success. Despite the global dynamics of the steel market and the unique challenges facing the business, the EVRAZ team has continued to drive the business forward, and we want to thank them for their hard work and dedication,” he added.
Atlas and its affiliates own 27 companies across a variety of sectors, including metals processing, automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, and power generation. It employs more than 57,000 associates across more than 350 facilities worldwide.
“With their support, we will be able to accelerate innovation, strengthen our operations, and continue delivering the high-quality steel our customers have relied on since 1881,” said Herald.
EVRAZ North America was listed for sale in 2022 after its parent, EVRAZ Plc was sanctioned following Russia's invasion of Ukraine. EVRAZ North America has operated independently since then.
“This is an exciting new chapter for EVRAZ North America. It brings long-term opportunity for our people, our customers, and the communities where we operate. This partnership ensures a bright and stable path forward for our teams across the U.S. and Canada,” said James ‘Skip’ Herald, EVRAZ North America resident and chief executive officer.
EVRAZ North America operates two electric arc furnace (EAF) steel facilities, 12 product mills, and 17 scrap recycling facilities. It has operations in Pueblo, Colo., and Portland, Ore., in the U.S., and in Regina, Sask., and Calgary, Alta, in Canada. The company employs about 3,400 people.
The deal is expected to close in the second half of this year.
“This is a major investment in creating a more vibrant domestic steel production industry right here in the United States and Canada,” said Atlas Holdings partner Sam Astor.
“Our approach is straightforward and consistent: we invest in industrial businesses for the long term and provide the capital and leadership expertise to grow those companies and ensure success. Despite the global dynamics of the steel market and the unique challenges facing the business, the EVRAZ team has continued to drive the business forward, and we want to thank them for their hard work and dedication,” he added.
Atlas and its affiliates own 27 companies across a variety of sectors, including metals processing, automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, and power generation. It employs more than 57,000 associates across more than 350 facilities worldwide.
“With their support, we will be able to accelerate innovation, strengthen our operations, and continue delivering the high-quality steel our customers have relied on since 1881,” said Herald.
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