Market Segment
September 27, 2014
Evraz NA Files for IPO
Written by Sandy Williams
Evraz North America LLC has filed for an initial public offering (IPO) with the US Securities Exchange Commission.
Evraz North America said it intends to use the proceeds from the share offering to complete acquisition of North American assets and repay debt to its Russian parent company Evraz.
The number and price of shares to be offered has yet to be determined. After sale of the shares, Evraz will continue to be the majority stakeholder.
Evraz North America operates six production sites, in addition to scrap processing units, a plate mill and a wire rod mill, in the US and Canada focusing on engineered steel products for rail, energy, and industrial end markets. Sales as of June 30, 2014 totaled $1.5 billion on 1.4 million tons of product. Net income at the end of the period was $40 million.
