Latest news with #steel
Yahoo
4 hours ago
- Business
- Yahoo
Atlas Completes Acquisition of Steelmaker EVRAZ North America; Forms Orion Steel and Appoints Doug Matthews CEO
Orion Steel Companies is Comprised of Rocky Mountain Steel Mills, Oregon Steel Mills, and Interpro Pipe and Steel GREENWICH, Conn., July 31, 2025--(BUSINESS WIRE)--Atlas Holdings ("Atlas") today announced the formation of the Orion Steel Companies ("Orion Steel" or "the Companies") following the completion of the previously announced acquisition of EVRAZ Inc. NA and EVRAZ Inc. NA Canada and their respective subsidiaries (together, "EVRAZ North America"). Leading the newly created Orion Steel as Chief Executive Officer is former U.S. Steel executive Doug Matthews. In June, Atlas announced an agreement to acquire EVRAZ North America, a leading producer of engineered steel products in the United States and Canada for rail, energy, infrastructure and industrial end markets. Matthews succeeds Skip Herald, who guided the company through significant challenges since 2019 and will continue his service as a member of the Orion Steel Board of Directors. Orion Steel includes Rocky Mountain Steel Mills in Pueblo, Colorado; Oregon Steel Mills in Portland, Oregon; and Interpro Pipe and Steel in Regina, Saskatchewan and locations across Alberta, Canada. Each of the companies' names were inspired by the legacies of their steel operations, honoring their roots while beginning a new era. Collectively, the Companies employ 3,400 skilled associates across two electric arc furnace steel facilities, 12 steel product mills and 17 scrap recycling facilities and have a steelmaking capacity of 2.3 million tons and finished steel capacity, including tubular products, of 3.5 million tons. Orion Steel products regularly contain 98%+ recycled scrap material and Rocky Mountain Steel is the world's largest solar-powered steel mill and the largest rail supplier in North America. "As a well-capitalized strategic supplier, Orion Steel is poised to become a central player in the North American market, helping to ensure economic and security interests of the United States and Canada are advanced through significant, local production," said Doug Matthews, CEO of Orion Steel. "I've been in this business for three decades and I am completely energized by this unique opportunity. This is a historic operation heading into a bold new chapter. "I've seen the look in steelworkers' eyes when they push an operation to new heights. We are going to see that same look from our team members across all Orion Steel facilities as we write the next chapter of this essential North American steelmaker," added Matthews. "We have a partner in Atlas with a stellar record in the United States and Canada of building great industrial companies over the long-term. And Atlas is committed to ensuring we have the human and financial capital we need, and the strategic guidance, to achieve lasting success." "We were looking for the right leader to guide this business into its next chapter — someone with deep industry knowledge and a proven track record," said Atlas Partner Sam Astor. "Doug offers more than just decades of experience in operations, sales, marketing and supply chain management. He brings a forward-thinking, hands-on approach that helped transform U.S. Steel's commercial strategy and operations, and he has the deep belief that the heart of this business is the people on the ground, running the mills day in and day out —and he works to empower them to perform at their best." In his 33 years with U.S. Steel, Matthews played an essential role in revitalizing its commercial strategy and operations, ultimately serving as Chief Commercial & Technology Officer, Tubular and Mining Solutions. He joined the company in 1988, rising through company ranks from plant leadership in Pittsburgh, Pennsylvania to operations leadership as a member of the executive team. "This is a critical time in the global steel market. We're ready to meet the challenges and seize the opportunities, and we are excited to be playing a role in ensuring the long-term of strategic steel production in the United States and Canada," Astor added. About Orion Steel Companies Orion Steel owns and operates Rocky Mountain Steel Mills, Interpro Pipe and Steel, and Oregon Steel Mills. As a leading North American producer with a more than 150 year legacy, the Orion companies manufacture engineered steel products for rail, energy and industrial end markets, delivering a broad selection of specialty steel solutions to meet customers' demands in the United States and Canada. Learn more at About Atlas Holdings Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 29 companies which employ more than 60,000 associates across 375 facilities worldwide. Atlas operates in sectors such as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas' companies together generate more than $20 billion in revenues annually. To learn more, please visit View source version on Contacts mediainquiries@
National Post
4 hours ago
- Business
- National Post
Atlas Completes Acquisition of Steelmaker EVRAZ North America; Forms Orion Steel and Appoints Doug Matthews CEO
Article content Orion Steel Companies is Comprised of Rocky Mountain Steel Mills, Oregon Steel Mills, and Interpro Pipe and Steel Article content GREENWICH, Conn. — Atlas Holdings ('Atlas') today announced the formation of the Orion Steel Companies ('Orion Steel' or 'the Companies') following the completion of the previously announced acquisition of EVRAZ Inc. NA and EVRAZ Inc. NA Canada and their respective subsidiaries (together, 'EVRAZ North America'). Leading the newly created Orion Steel as Chief Executive Officer is former U.S. Steel executive Doug Matthews. Article content In June, Atlas announced an agreement to acquire EVRAZ North America, a leading producer of engineered steel products in the United States and Canada for rail, energy, infrastructure and industrial end markets. Matthews succeeds Skip Herald, who guided the company through significant challenges since 2019 and will continue his service as a member of the Orion Steel Board of Directors. Article content Orion Steel includes Rocky Mountain Steel Mills in Pueblo, Colorado; Oregon Steel Mills in Portland, Oregon; and Interpro Pipe and Steel in Regina, Saskatchewan and locations across Alberta, Canada. Each of the companies' names were inspired by the legacies of their steel operations, honoring their roots while beginning a new era. Collectively, the Companies employ 3,400 skilled associates across two electric arc furnace steel facilities, 12 steel product mills and 17 scrap recycling facilities and have a steelmaking capacity of 2.3 million tons and finished steel capacity, including tubular products, of 3.5 million tons. Orion Steel products regularly contain 98%+ recycled scrap material and Rocky Mountain Steel is the world's largest solar-powered steel mill and the largest rail supplier in North America. Article content 'As a well-capitalized strategic supplier, Orion Steel is poised to become a central player in the North American market, helping to ensure economic and security interests of the United States and Canada are advanced through significant, local production,' said Doug Matthews, CEO of Orion Steel. 'I've been in this business for three decades and I am completely energized by this unique opportunity. This is a historic operation heading into a bold new chapter. Article content 'I've seen the look in steelworkers' eyes when they push an operation to new heights. We are going to see that same look from our team members across all Orion Steel facilities as we write the next chapter of this essential North American steelmaker,' added Matthews. 'We have a partner in Atlas with a stellar record in the United States and Canada of building great industrial companies over the long-term. And Atlas is committed to ensuring we have the human and financial capital we need, and the strategic guidance, to achieve lasting success.' Article content 'We were looking for the right leader to guide this business into its next chapter — someone with deep industry knowledge and a proven track record,' said Atlas Partner Sam Astor. 'Doug offers more than just decades of experience in operations, sales, marketing and supply chain management. He brings a forward-thinking, hands-on approach that helped transform U.S. Steel's commercial strategy and operations, and he has the deep belief that the heart of this business is the people on the ground, running the mills day in and day out —and he works to empower them to perform at their best.' Article content In his 33 years with U.S. Steel, Matthews played an essential role in revitalizing its commercial strategy and operations, ultimately serving as Chief Commercial & Technology Officer, Tubular and Mining Solutions. He joined the company in 1988, rising through company ranks from plant leadership in Pittsburgh, Pennsylvania to operations leadership as a member of the executive team. Article content 'This is a critical time in the global steel market. We're ready to meet the challenges and seize the opportunities, and we are excited to be playing a role in ensuring the long-term of strategic steel production in the United States and Canada,' Astor added. Article content About Orion Steel Companies Article content Orion Steel owns and operates Rocky Mountain Steel Mills, Interpro Pipe and Steel, and Oregon Steel Mills. As a leading North American producer with a more than 150 year legacy, the Orion companies manufacture engineered steel products for rail, energy and industrial end markets, delivering a broad selection of specialty steel solutions to meet customers' demands in the United States and Canada. Learn more at Article content About Atlas Holdings Article content Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 29 companies which employ more than 60,000 associates across 375 facilities worldwide. Atlas operates in sectors such as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas' companies together generate more than $20 billion in revenues annually. To learn more, please visit Article content Article content Article content Article content Article content
National Post
7 hours ago
- Business
- National Post
Cross-border steel shipments effectively 'shut down' due to tariffs: CPKC
Canadian Pacific Kansas City Ltd. managed to increase revenues in its latest quarter, even as cross-border steel shipments ground to a near-halt because of tariffs. Article content The Calgary-based railway said revenues rose by three per cent as its profits hit $1.2 billion in the quarter. Its trains carried seven per cent more volume overall, but import duties imposed by the United States had an impact. Article content Article content Article content 'Our cross-border steel business is, for all practical purposes, shut down at this point, at a 50 per cent tariff level,' John Brooks, executive vice-president, told analysts on a Wednesday earnings call. Article content Article content In recent months, the federal government under Prime Minister Mark Carney has imposed its own suite of tariffs on certain non-U.S. imports to protect the domestic industry from a flood of cheap, foreign steel. Article content For CPKC, the impacts of dwindling cross-border steel trips were partially offset by more shipments of frac sand, which is used to extract oil and gas. Article content It also saw revenues pick up for grains and coal, while it reported declines for auto, forest products and potash. Article content Despite tariff -driven stops and starts to some segments of the business, revenue for CPKC increased three per cent over the second quarter last year, to a total of $3.7 billion. Article content 'Despite all the headlines, all these evolving trade policies, the challenges that we've all faced as an industry, we continue to drive differentiated, sustainable and profitable growth at CPKC,' Keith Creel, CPKC's chief executive, told analysts. Article content The company's diluted earnings per share grew seven per cent over last year, at $1.33. However, those earnings remain lower than in 2023 when they sat at $1.42. Diluted earnings per share is a way of measuring a company's profitability. Article content Brooks said that despite continued economic uncertainty and trade policy, the second half of this year is 'off to a solid start,' with the company positioned to continue growing. Article content Canadian Pacific acquired Kansas City Southern in the spring of 2023 for US$31 billion — together the two formed CPKC, the first railway connecting Canada, the U.S. and Mexico. Article content
Bloomberg
8 hours ago
- Business
- Bloomberg
UK's Reynolds ‘Confident' on US Steel Tariffs Resolution
UK Trade Secretary Jonathan Reynolds said he's optimistic Britain will reach a deal to remove 25% US tariffs on the country's steel sector, as talks drag on months after Prime Minister Keir Starmer and President Donald Trump agreed a broader tariff-reduction deal. 'I'm confident we'll get to the right space,' Reynolds told reporters in Swindon on Thursday when asked about progress on implementing an agreement to cut the levies. He declined to specify a timeline for when the issue would be resolved. 'It's positive.'
Japan Times
11 hours ago
- Business
- Japan Times
Nippon Steel names three American directors to U.S. Steel board
Nippon Steel on Thursday announced the appointment of three new independent U.S. directors to the board of United States Steel, bringing the number of American citizens on the seven-member board to four. The move fulfills a pledge that the Japanese steelmaker made under a national security agreement reached with the U.S. government over its acquisition of the Pittsburgh, Pennsylvania-based company. Under the agreement, Nippon Steel pledged to ensure that more than half of members of the U.S. Steel board, which has up to nine seats, are U.S. citizens. Nippon Steel also has agreed to issue a "golden share" to the U.S. government to allow it to appoint one independent director to the U.S. Steel board. The special share has not been issued and the latest appointment was not made by the U.S. government, said Nippon Steel, which completed its acquisition of U.S. Steel in June. The three new directors are John Donovan, former CEO of AT&T Communications, former Lockheed Martin CEO Robert Stevens and Timothy Keating, a retired admiral who headed the U.S. Pacific Command.
