Regina's Evraz steel mill conditionally sold to U.S. company Atlas Holdings
“We’re hopeful this marks the beginning of a long and positive relationship with Atlas. Our members are ready to continue doing what they do best by producing high-quality Canadian steel that supports our economy and our communities."
Author of the article:
Alec Salloum
Published Jun 30, 2025 • Last updated 17 hours ago • 2 minute read
https://leaderpost.com/news/saskatc...d-to-u-s-company-atlas-holdings#comments-area
A slab of steel comes out of the furnace at an approximate temperature of 2300 degrees fahrenheit at Evraz in Regina. Photo by TROY FLEECE /Regina Leader-Post (Correction thats the bottom of slab caster. Furnaces 4 & 5 and the LMF produce the steel across the pour bay kitty corner to the slab caster. Ladles are filled and flown across the pour bay up to the slab caster which forms the slab using high pressure water).
Atlas Holdings, a Connecticut-based private equity firm, announced Friday that it signed a “definitive agreement to acquire” Evraz Inc. NA and Evraz Inc. NA Canada, along with their respective subsidiaries.
The deal — pending final approval — is for up to US$500 million, according to reports from the Associated Press and Wall Street Journal.
“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 James ‘Skip’ Herald, president and CEO of Evraz North America, in a news release. “Most importantly, this partnership ensures a bright and stable path forward for our teams across the U.S. and Canada.”
The news was welcomed by Regina’s United Steelworkers union (USW) Local 5890 and Calgary’s USW Local 6673. Evraz has faced a degree of uncertainty since its partial owner, Russian oligarch Roman Abramovich, was sanctioned by Canada in March 2022.
“We’re hopeful this marks the beginning of a long and positive relationship with Atlas,” said USW Local 5890 president Mike Day in a news release. “Our members are ready to continue doing what they do best by producing high-quality Canadian steel that supports our economy and our communities.”
At the time he was sanctioned, Abramovich held a 28 per cent stake in the company. He appeared to still be the largest single shareholder of Evraz prior to the sale announcement.
“The sanctions on Russian officials and oligarchs like Abramovich are directed at them so that they cannot profit or benefit from economic activities in Canada,” said former prime minister Justin Trudeau in 2022.
According to Atlas, Evraz North America has operated as a fully independent entity separate from the Russian parent company, Evraz plc, since May 5, 2022.
The mill in Regina started as IPSCO in 1956 before the company sold to the Russian steel conglomerate in 2008.
Atlas Holdings touted the capacity of the operation, describing in a press release that “EVRAZ North America is a producer of high-quality engineered steel products for the North American rail, energy and industrial end user markets, employing 3,400 individuals across the U.S. and Canada with steelmaking capacity of 2.3 million tons and finished steel capacity, including tubular products, of 3.5 million tons.”
The sale covers operations in Pueblo, Colo., Portland, Ore., Regina and various locations in Alberta. It is expected to go through in the second half of 2025 “subject to certain closing conditions,” according to Atlas.
Interesting.
“We’re hopeful this marks the beginning of a long and positive relationship with Atlas. Our members are ready to continue doing what they do best by producing high-quality Canadian steel that supports our economy and our communities."
Author of the article:
Alec Salloum
Published Jun 30, 2025 • Last updated 17 hours ago • 2 minute read
https://leaderpost.com/news/saskatc...d-to-u-s-company-atlas-holdings#comments-area
A slab of steel comes out of the furnace at an approximate temperature of 2300 degrees fahrenheit at Evraz in Regina. Photo by TROY FLEECE /Regina Leader-Post (Correction thats the bottom of slab caster. Furnaces 4 & 5 and the LMF produce the steel across the pour bay kitty corner to the slab caster. Ladles are filled and flown across the pour bay up to the slab caster which forms the slab using high pressure water).
Article content
Regina’s Evraz steel mill and its affiliated North American operations are being sold to a U.S. holding company.Atlas Holdings, a Connecticut-based private equity firm, announced Friday that it signed a “definitive agreement to acquire” Evraz Inc. NA and Evraz Inc. NA Canada, along with their respective subsidiaries.
The deal — pending final approval — is for up to US$500 million, according to reports from the Associated Press and Wall Street Journal.
“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 James ‘Skip’ Herald, president and CEO of Evraz North America, in a news release. “Most importantly, this partnership ensures a bright and stable path forward for our teams across the U.S. and Canada.”
The news was welcomed by Regina’s United Steelworkers union (USW) Local 5890 and Calgary’s USW Local 6673. Evraz has faced a degree of uncertainty since its partial owner, Russian oligarch Roman Abramovich, was sanctioned by Canada in March 2022.
“We’re hopeful this marks the beginning of a long and positive relationship with Atlas,” said USW Local 5890 president Mike Day in a news release. “Our members are ready to continue doing what they do best by producing high-quality Canadian steel that supports our economy and our communities.”
At the time he was sanctioned, Abramovich held a 28 per cent stake in the company. He appeared to still be the largest single shareholder of Evraz prior to the sale announcement.
“The sanctions on Russian officials and oligarchs like Abramovich are directed at them so that they cannot profit or benefit from economic activities in Canada,” said former prime minister Justin Trudeau in 2022.
According to Atlas, Evraz North America has operated as a fully independent entity separate from the Russian parent company, Evraz plc, since May 5, 2022.
The mill in Regina started as IPSCO in 1956 before the company sold to the Russian steel conglomerate in 2008.
Atlas Holdings touted the capacity of the operation, describing in a press release that “EVRAZ North America is a producer of high-quality engineered steel products for the North American rail, energy and industrial end user markets, employing 3,400 individuals across the U.S. and Canada with steelmaking capacity of 2.3 million tons and finished steel capacity, including tubular products, of 3.5 million tons.”
The sale covers operations in Pueblo, Colo., Portland, Ore., Regina and various locations in Alberta. It is expected to go through in the second half of 2025 “subject to certain closing conditions,” according to Atlas.
Interesting.
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