PUEBLO COLO. (KOAA) — A private equity firm announced its plans to acquire the Pueblo Steel Mill's parent company in a news release on Friday.
Atlas Holdings, a private-equity firm based out of Greenwich, Connecticut, owns and operates 27 companies and employs 57,000 people across facilities worldwide.
Friday, Atlas Holdings announced it had entered into a definitive agreement with EVRAZ Inc. NA and EVRAZ Inc. NA Canada for the subsidiaries known as EVRAZ North America.
Among the facilities in the agreement would be facilities in Pueblo, CO; Portland, OR; Regina, Saskatchewan; and across Alberta, Canada. The final closing of the sale is expected to take place in the second half of 2025.
The Pueblo Steel Mill is the largest solar-powered steel mill in the world, and the largest supplier of train rails in North America.
The Wall Street Journal is reporting that the expected price tag of the deal could be up to $500 million, which Atlas has agreed to a deferred payment on most of the money pending the performance of the business.
“This is an exciting new chapter for EVRAZ North America. It brings long-term opportunity for our people, our customers, and the communities where we operate. Atlas shares our belief that a strong future starts with investing in the people who make it happen. Their strategic approach and track record of operational investment make them the right partner for our next chapter. With their support, we will be able to accelerate innovation, strengthen our operations, and continue delivering the high-quality steel our customers have relied on since 1881. Most importantly, this partnership ensures a bright and stable path forward for our teams across the U.S. and Canada,” said James ‘Skip’ Herald, President and Chief Executive Officer of EVRAZ North America.
EVRAZ North America has operated separately from it's parent company EVRAZ plc, since May of 2022, after the United Kingdom sanctioned the company, whose majority shareholder at the time was Russian Oligarch Roman Abramovich, who reportedly owned a quarter of the parent company EVRAZ plc. at the onset of the Russo-Ukrainian War.
The United Kingdom's HM Treasury’s Office of Financial Sanctions Implementation issued a general license permitting EVRAZ North America subsidiaries to continue to operate as fully separate entities from EVRAZ plc.
News5 has been collecting reactions from state and local leaders, which you can read below:
"The City of Pueblo has been very invested in the future of EVRAZ North America located here in Pueblo, so today's news about Atlas Holdings' purchase is exiting to welcome a new American owner to our steel mill. This is great news for the future of our mill, and our community with the steel mill being one of the largest employers in Pueblo," said Mayor Heather Graham.
“This sale is good for Pueblo and good for Colorado. The steel plant is an important employer in Pueblo and a major economic contributor to our state. I met with Atlas leadership and was assured that both new jobs and the 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,” said Governor Jared Polis.
“EVRAZ North America is a key contributor to the Pueblo economy and the state, investing close to $1 billion to build a state-of-the-art long rail mill and supporting thousands of jobs for Coloradans. This sale marks a significant milestone for the company and a win for the economic vitality of southern Colorado, positioning EVRAZ North America to thrive in our state for decades to come,” said Eve Lieberman, OEDIT Executive Director.
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