Evraz Group S.A. completed its acquisition of IPSCO’s Canadian plate and pipe business. Evraz announced the acquisition of IPSCO Tubulars from SSAB in March 2008. After a back-to-back transaction that consisted of an on-sale of the acquired IPSCO’s U.S. businesses to TMK for $1.25 billion (U.S.), the total cash consideration paid by Evraz for the assets amounted to about U.S. $2.9 billion (U.S.). Evraz expects to sell the remaining acquired U.S. businesses of IPSCO Tubulars to TMK for about $0.5 billion in 2009.
Following the latest transaction, Evraz announced its North American subsidiary
will now operate under the name, Evraz Inc. NA. The new name impacts the North
American headquarters in Portland, OR, and all eight production facilities
in the U.S. and Canada.