Latest news with #Evraz
Yahoo
30-06-2025
- Business
- Yahoo
Regina's Evraz steel mill conditionally sold to U.S. company Atlas Holdings
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. Evraz steelworkers say they'll hold Trudeau's 'feet to the fire' over Abramovich sanctions More uncertainty for Evraz workers as Russian steelmaker seeks buyer alsalloum@ The Regina Leader-Post has created an Afternoon Headlines newsletter that can be delivered daily to your inbox so you are up to date with the most vital news of the day. Click here to subscribe. With some online platforms blocking access to the journalism upon which you depend, our website is your destination for up-to-the-minute news, so make sure to bookmark and sign up for our newsletters so we can keep you informed. Click here to subscribe.
Wall Street Journal
27-06-2025
- Business
- Wall Street Journal
Sanctioned Steelmaker Finds a Buyer for U.S., Canada Plants
The North American business of steelmaker Evraz—whose largest shareholder is sanctioned Russian oligarch Roman Abramovich—will be acquired by private-equity firm Atlas Holdings. Atlas said it agreed to pay up to $500 million, with most of the money deferred pending the performance of the business.
CTV News
24-06-2025
- Business
- CTV News
Sask. NDP claims of ‘inflated' local procurement misguided, province says
The Saskatchewan Legislative Building as seen on Aug. 26, 2024. (David Prisciak/CTV News) The Saskatchewan NDP is alleging that the province has been misrepresenting its procurement practices by classifying out-of-province enterprises as Saskatchewan-based businesses. The government says the Opposition's assessment is flawed. The Saskatchewan NDP shared documents obtained through a Freedom of Information request on Tuesday. The documents showed that SaskBuilds awarded 666 contracts for the 2024-25 fiscal year. Among the companies listed as 'local' were Crumb Rubber Manufacturing – based in Newport Beach, Calif. and Mitsubishi of Canada – headquartered in Ontario. The Opposition claimed that only 51 per cent of contracts went to companies headquartered in Saskatchewan – and only 58 per cent of total contract dollars flowed to Saskatchewan-based firms – which is down from the Saskatchewan Party's claims of 90 per cent local procurement. In a response Tuesday afternoon, the province called the NDP's allegations 'an irresponsible attack on Saskatchewan workers.' It went further, saying under the Opposition's definition of local businesses, Evraz wouldn't be considered a Saskatchewan company and would be excluded from government contracts – despite having a heavy presence in the province. 'They say they support Saskatchewan steel workers, but don't think they should be allowed to bid on Saskatchewan work,' the government's response read. According to the province, businesses are classified as Saskatchewan businesses if they follow certain criteria, including: Have a place of business in Saskatchewan. This place of business refers to an establishment where regular business activities are conducted on a permanent basis, is clearly identified by name and is accessible during normal business hours Employ Saskatchewan residents or sole proprietorship owned by a Saskatchewan resident Be a registered business in Saskatchewan with an Information Services Corporation profile or equivalent. The definition of a Canadian business is dictated from the federal government in the Canadian Free Trade Agreement (CFTA). The criteria includes: A Canadian supplier means a supplier that has a place of business in Canada A place of business means an establishment where a supplier conducts activities on a permanent basis that is clearly identified by name and accessible during normal business hours. According to the Investment Canada Act, a business carried on in Canada requires: A place of business in Canada An individual or individuals in Canada who are employed or self-employed in connection with the business Assets in Canada used in carrying on the business The province maintains that SaskBuilds awarded more than 650 procurements valued at approximately $689.5 million for the 2024-25 fiscal year. Around 90 per cent of that value ($617.6 million) was awarded to Saskatchewan-based companies – around 10 per cent of that value was awarded to businesses from other provinces in Canada – and around 0.1 per cent of procurement was sourced from companies in the United States. 'The NDP position on procurement would exclude many Saskatchewan companies from bidding on Saskatchewan work,' the government's response read. 'These companies employ thousands of Saskatchewan employees that build our province, pay taxes and invest in local communities.' The NDP maintained its stance in its comments Tuesday – saying that with tariff threats from both the U.S. and China – the province needs to be more committed to defending local businesses. 'You can't call a company 'Saskatchewan-based' just because they have a local mailing address,' NDP MLA Aleana Young said. 'This is a betrayal of the hardworking local businesses that support our communities and create good jobs right here at home.' The Opposition also highlighted the provincial government's decision to cease its 'Sask. First' procurement policy earlier this month. 'A move that, combined with today's revelations, confirms that they were never committed to supporting local businesses,' the NDP added.
CTV News
05-06-2025
- Business
- CTV News
Sask. steel workers call on feds to restrict foreign steel as U.S. tariffs intensify
Saskatchewan steelworkers are calling on the federal government to implement measures that would protect steel industry jobs. It follows U.S. President Donald Trump's decision to increase tariffs on steel and aluminum to 50 per cent. The United Steel Workers Union says Canada should follow suit with tariffs on foreign steel being imported into the country. Saskatchewan-made steel destined for the U.S. likely won't be leaving the Evraz plant yard in Regina, according to USW Local 5890 President Mike Day. 'With the impact of the 50 per cent, everything's at a halt right now. Nothing will be going. No slabs will be shipped to our Portland plant,' he told reporters Wednesday. The U.S. doubling its tariffs on steel imports officially went into effect 12:01 Wednesday. It's a move Trump's believes will protect the American steel industry. The steel workers union discussed the impact of the tariffs at a leadership meeting in Watrous Wednesday – reiterating the need for the federal government to restrict foreign steel. 'When you have private industry that's willing to bring in cheap Mexican, Indian, Korean, Chinese pipe, steel and it gets on our shores, they've got to be looking out for the Canadian steel industry and they don't seem to be doing that,' Day explained. The NDP Opposition made an appearance at the union meeting. It called on the province to use Saskatchewan-made steel in government projects. 'There are things that we think the province should be doing, continued prioritization of Saskatchewan steel, cancelling American contracts at a time when we have the American president of the United States kicking our workers and our industries,' MLA Aleana Young explained. Regina's Evraz steel plants was operating at less than full capacity prior to the imposition of the tariffs. The union fears that layoffs will be inevitable unless government takes steps to protect Canada's steel industry.
CTV News
08-05-2025
- Business
- CTV News
Evraz Inc. NA Canada fined $575K for 2022 incident that left Regina worker with serious injuries
Evraz Inc. NA Canada has been fined $575,000 for a 2022 incident in Regina that saw a worker suffer serious injuries while inspecting the underside of a sheet metal as it was mechanically moving through a metal slitting machine. The company pleaded guilty in Regina provincial court on April 29 to one violation of The Occupational Health and Safety Regulations, 2020, according to the province. 'The company was fined for contravening clause 10-4 (1) (a) of the regulations (being an employer, failed to provide an effective safeguard when a worker may contact a dangerous moving part of a machine, resulting in the serious injury of a worker),' the news release read. A fine of $410,714.29 with a surcharge of $164,285.71, for a total amount of $575,000 was imposed by the court. One other charge was withdrawn, according to the province.
