Separately, Bloomberg News reported the potential buyer as Russian steelmaker Evraz Group. Now Russia’s second largest steel maker, the company would vault to the ninth largest in the world.
Evraz purchased Oregon Steel Mills Inc., in January for $2.3 billion, one of the largest investments ever by a Russian company in the U.S. If the deal falls through, it is thought IPSCO would make an inviting target for several North American steel companies.
IPSCO operates four steel mills, 11 pipe mills, and scrap processing centers and product finishing facilities in 25 locations across the U.S. and Canada. The company’s pipe mills produce a wide range of seamless and welded energy tubular products, including oil & gas well casing, tubing, line pipe and large-diameter transmission pipe. Additionally, IPSCO is a provider of premium connections for oil and gas drilling and production. IPSCO trades as “IPS” on both the New York and Toronto Stock Exchanges.