Russian steel giant quits US business

Major Russian steel and mining company Evraz announced on Wednesday the planned sale of its North American business, and began seeking buyers.

According to a statement published on the company website, the process is being conducted under the Office of Financial Sanctions Implementation (OFSI) General License. “The possible transaction will be subject to regulatory and corporate approvals and applicable sanctions laws, and will require approval from relevant sanctions authorities, including OFSI,” the statement reads.

Evraz North America describes itself as a leading, vertically integrated producer of engineered steel products for the North American rail, energy, industrial and construction markets. It has steelmaking capacity of 2.3 million tons per year.

Evraz shares were suspended from trading on the London Stock Exchange in March, and in May the UK government placed sanctions on the firm, along with one of its main shareholders, Roman Abramovich. The UK-based steelmaker was formerly counted among Britain’s biggest companies.

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