Monumental Merger Marks Metals Market Milestone

In a transformative transaction poised to reshape North American steel, Atlas Holdings has signed a definitive agreement to acquire EVRAZ North America, a key manufacturer of engineered steel products across the United States and Canada. The acquisition includes flagship operations in Pueblo, Colorado, Portland, Oregon, Regina in Saskatchewan, and multiple locations across Alberta. The deal, expected to close by the second half of 2025, is valued at up to $500 million and remains subject to regulatory approvals and closing conditions.

“This is an exciting new chapter for EVRAZ North America,” said James 'Skip' Herald, President and Chief Executive Officer of EVRAZ North America. “It brings long-term opportunity for our people, our customers, and the communities where we operate.”

Steel Synergies Strengthen Sectoral Sovereignty

EVRAZ North America commands 2.3 million metric tons of annual steelmaking capacity and delivers 3.5 million metric tons in finished steel products. These include rail lines, energy tubulars, and industrial-grade alloy solutions. Its strategically located operations ensure supply chain resilience for North America’s rail, energy, and construction sectors. Atlas, known for its long-term investments in industrial enterprises, sees this acquisition as a strengthening of continental infrastructure self-sufficiency.

“Our approach is straightforward and consistent,” explained Sam Astor, Partner at Atlas Holdings. “We invest in industrial businesses for the long term and provide the capital and leadership expertise to grow those companies and ensure success.”

Solar Steelworks Shine in Southern Colorado

The Pueblo, Colorado facility stands as a crown jewel in the EVRAZ portfolio. It is the largest rail producer in North America and houses the world’s largest solar-powered steel mill. The site produces sustainable long-rail sections essential for freight and passenger rail networks. Governor Jared Polis welcomed the announcement, citing it as a pivotal boost for Colorado’s economy and renewable manufacturing ambitions.

“This sale is good for Pueblo and good for Colorado,” Governor Polis stated. “The steel plant is an important employer and economic driver for our state. I met with Atlas leadership and was assured that both new jobs and expansion efforts will continue at the plant.”

“I’m optimistic that this transaction will strengthen Rocky Mountain Steel, and I congratulate Atlas and welcome them to Colorado,” he added.

Unionized Workforce Welcomes Windfall & Stability

EVRAZ North America employs 3,400 individuals across its sites, many of whom are represented by prominent labor unions, including the United Steelworkers, Unifor, the International Union of Operating Engineers, and Iron Workers. In Pueblo, workers expressed cautious optimism about the transition.

“I’m hopeful that the sale will mean that we’ll be seeing better investments in our mills that will stabilize our jobs,” said Eric Ludwig, President of the United Steelworkers Local. “I’d like to be able to retire from here.”

Atlas, with a longstanding record of labor cooperation, affirmed its commitment to preserving workforce rights and accelerating operational investments.

Canadian Catalysis Complements Continental Vision

The Canadian facilities, especially those in Regina and Alberta, are among North America’s top energy tubular manufacturers. With over 2,500 employees already working across nine Atlas operations in Canada, the firm brings deep familiarity with labor frameworks, provincial policies, and regional industrial development.

“We look forward to partnering with government bodies and labor unions to grow this vital business in Canada,” said Astor. “This acquisition ensures EVRAZ will continue to innovate and lead in high-performance steel manufacturing.”

Sanctions Separation Solidifies Sovereign Status

EVRAZ North America has operated independently since May 2022, when its parent company, EVRAZ plc, was sanctioned by the UK government. A general license allowed the North American entity to function autonomously. With this sale, ownership shifts fully to an American company, and proceeds from the deal will remain frozen under sanction regulations until restrictions are lifted.

“This transaction clearly separates EVRAZ North America from any lingering association with sanctioned entities,” said Eve Lieberman, Executive Director of Colorado’s Office of Economic Development and International Trade. “That ensures certainty for our economic partners and security for our communities.”

Atlas Amplifies Industrial Ambitions Across America

Atlas Holdings has a legacy of acquiring and revitalizing industrial giants. It has supported steel companies involved in building the One World Trade Center in New York and the Frederick Douglass Memorial Bridge in Washington, DC. The acquisition of EVRAZ aligns with Atlas’s broader strategy to invest in assets that power national development.

“We are incredibly proud to help write the next chapter of EVRAZ North America, a company that has served its markets with distinction since 1881,” said Astor.

Policy Partnerships Propel Pueblo Prosperity

The State of Colorado has already approved EVRAZ for up to $17 million in transferable tax credits under the 2017 Enterprise Zone Program. These incentives support ongoing capital expansions and job creation initiatives at the Pueblo facility.

“EVRAZ North America is a key contributor to the Pueblo economy and the state,” said Lieberman. “This sale marks a significant milestone and positions the company to thrive in Colorado for decades to come.”

Key Takeaways:

• Atlas Holdings will acquire EVRAZ North America, including solar-powered Pueblo steel mill, for up to $500 million

• Governor Jared Polis supports the deal, citing job creation and economic benefits to Colorado

EVRAZ North America’s independence from its UK-sanctioned parent is fully formalized in the transaction