Evraz North America, a part of the Russian steel company, has registered with regulators as it plans to spin off a 35 percent stake in the company. Evraz owns an idled steel mill in Claymont that was shuttered last last year.
Evraz is based in London, but has the bulk of its holdings in Eastern Europe. It is facing pressures from Russian government actions in Ukraine that have resulted in sanctions. A major shareholder is Roman Abramovich, is one of that nation’s “oligarchs.” who control most sectors of the nation’s economy buying industrial holdings.
Bloomberg reported Abramovich and other majority owners of the company are not subject to sanctions.
The company paid premium prices for its North American mills that have faced competition from imported steel. That included the Claymont Mill, which was purchased for more than half a billion dollars. The company has been aided by demand for steel used in oil and gas production and has been operating at a modest profit.
The Claymont plant produced steel plate used in construction projects.
Evraz would have still have a controlling interest in the North American entity.
