Russia’s Evraz looking to sell North American units

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FILE PHOTO: Logos of EVRAZ group are seen on buildings of Nizhny Tagil metallurgical combinate NTMK in in Nizhny Tagil

(Reuters) – Russian steel producer Evraz said on Wednesday it was launching a process to solicit proposals for the acquisition of its North American subsidiaries.

The sale will help unlock the value of its North America business, the company said without disclosing details on the sale process.

Britain sanctioned Evraz in May in response to Russia’s decision to send thousands of its troops to Ukraine, but provided a licence allowing business with Evraz’s North American subsidiaries.

“Recent geopolitical tensions have given rise to significant corporate governance and operating challenges for Evraz,” Chief Executive Aleksey Ivanov said earlier this month.

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Vinay Dwivedi)

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