Evraz
A London-incorporated steel and mining group with historically substantial operations in Russia and North America.
Last updated August 31, 2026
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Overview
Evraz is a London-incorporated multinational steel and mining group whose industrial base has historically been concentrated in Russia, with additional operations in North America and other markets. The business began in 1992 as a small metal-trading operation and expanded through acquisitions, vertical integration and consolidation of steel, iron-ore, vanadium and coal assets. Its portfolio has included large Russian steel plants, mining and ore-processing facilities, railway-steel production, vanadium businesses and North American mills serving construction, transportation, energy and heavy industry. The company became one of Russia’s major steel producers through the development and acquisition of assets including the Nizhny Tagil Iron and Steel Plant, the Novokuznetsk Iron and Steel Plant, the West Siberian Metallurgical Plant and the Kachkanarsky Ore Mining and Processing Enterprise. Its products have included long steel, rails, structural products, specialty steels, seamless pipe and other materials used in infrastructure and industrial applications. Evraz also built a significant North American platform through the acquisition and combination of Oregon Steel Mills, Rocky Mountain Steel and IPSCO-related assets. This business operated electric-arc-furnace steelmaking facilities in Pueblo, Colorado, and Regina, Saskatchewan, together with finishing and fabrication locations in the United States and Canada. Evraz’s public-market history began with a London listing of global depositary receipts in June 2005. The initial offering represented approximately 8.3% of the company’s shares, and a further placement in January 2006 increased the free float to about 14.3%. In 2008, Evraz acquired Claymont Steel in the United States; the mill later closed in December 2013. The group also developed a major coal position through its ownership of Raspadskaya and other coking-coal assets. In 2021 and early 2022, Evraz pursued a proposed demerger of its coal business, including the Raspadskaya holding, with the intention that the assets would be distributed pro rata to shareholders. The company’s corporate and ownership profile has been closely associated with Russian industrial investors, including Roman Abramovich, Alexander Abramov and Aleksandr Frolov. The 2022 Russian invasion of Ukraine fundamentally changed Evraz’s operating and capital-markets position. The United Kingdom imposed sanctions connected with the company and with Abramovich, who was a major shareholder. The Financial Conduct Authority suspended trading in Evraz shares on the London Stock Exchange in March 2022, and non-executive directors subsequently resigned. The company was later delisted from the exchange. Evraz also began examining a sale of its North American assets during 2022, but the supplied sources do not establish a completed transaction. Because of sanctions, the suspension and delisting of its shares, and uncertainty over the company’s post-2022 ownership and operating structure, Evraz’s present status cannot be stated confidently from the available reference material. The brand remains historically associated with vertically integrated steel and mining, but its current geographic footprint, management, ownership and commercial activity require verification from current company, regulatory or insolvency-related sources.
History
Evraz originated in 1992 as a small metal-trading business. It expanded from trading into industrial ownership and became a vertically integrated steel and mining group. Its growth model combined steelmaking, raw-material extraction, processing and distribution, giving the company control over important parts of the supply chain. The group developed a substantial Russian steel platform. Important assets included the Nizhny Tagil Iron and Steel Plant in the Sverdlovsk region, the Novokuznetsk Iron and Steel Plant in Siberia, and the West Siberian Metallurgical Plant. The Novokuznetsk and West Siberian businesses were consolidated during the group’s restructuring, with the resulting operations specializing in steel products including railway steel. Evraz also operated iron-ore mines and beneficiation facilities, including the Kachkanarsky Ore Mining and Processing Enterprise and Evrazruda-related assets. Vanadium production and processing became another component of the portfolio through businesses such as EVRAZ Vanady Tula, EVRAZ Nikom and EVRAZ East Metals. Evraz entered the international public markets in 2005, when Evraz Group floated approximately 8.3% of its shares as global depositary receipts in London. The offering valued the company at approximately $5.15 billion based on the stated offer price. A further placement in January 2006 raised the reported free float to approximately 14.3%. Corporate control remained concentrated among principal shareholders, with their interests held through the Lanebrook structure and related entities. International expansion included the acquisition of Claymont Steel in 2008. Although the mill later closed in December 2013, Evraz continued to maintain a significant North American platform. Its North American operations were formed through combinations involving Oregon Steel Mills, Rocky Mountain Steel and IPSCO-related assets. The division operated facilities in Portland, Oregon; Pueblo, Colorado; Regina, Saskatchewan; and several Alberta locations. Its product mix served construction, transportation, energy and heavy industry, and included rails, structural products, pipe and other finished steel. In 2021, the Canadian division was reported to employ approximately 2,000 people, while the wider North American business had annual crude-steel capacity of approximately 2.3 million tonnes and finished-steel capacity of approximately 3.5 million tonnes. Coal was also an important part of the group. Evraz owned a majority interest in Raspadskaya, a Russian coking-coal company with underground mines and an open pit in the Kuzbass region, and held other coal-related assets including Yuzhkuzbassugol. In 2021 the board advanced a proposal to separate the coal business from Evraz, with the assets to be distributed to shareholders subject to required approvals. Shareholders approved the proposal in January 2022, but the available material does not establish that the demerger was completed. The company’s ownership and governance became especially consequential after Russia’s full-scale invasion of Ukraine in February 2022. The British government accused Evraz of providing financial services or making funds, economic resources, goods or technology available in circumstances that could contribute to destabilizing Ukraine. Sanctions affecting major shareholder Roman Abramovich were followed by the suspension of Evraz’s London share trading in March 2022. Non-executive board members resigned, and the company’s shares were later delisted. During the same year, Evraz sought to sell its North American businesses, with United States Steel and Nucor reported as possible interested parties and Three Keys Capital identified as an adviser or sales agent. No completed transaction is confirmed by the supplied sources. The post-2022 condition of Evraz is difficult to assess from the available material. Its historic business is clearly documented, but current operations, ownership, leadership, corporate status and the outcome of the proposed asset sales require updated verification.
- 2022
Trading suspended after sanctions
[1]The Financial Conduct Authority suspended trading in Evraz shares after sanctions connected with the Russian invasion of Ukraine and Roman Abramovich.
- 2021
Coal-business separation proposed
[1]Evraz announced a plan to demerge its coal assets, principally consolidated through Raspadskaya.
- 2013
Claymont mill closes
[1]The Claymont Steel facility ceased operations in December.
- 2011
West Siberian and Novokuznetsk operations consolidated
[1]The West Siberian Metallurgical Plant was merged with the Novokuznetsk Iron and Steel Plant within the group’s Russian steel structure.
- 2008
Claymont Steel acquisition
[1]Evraz acquired Claymont Steel from H.I.G. Capital.
- 2006
Free float increases
[1]A further share placement raised the reported free float to approximately 14.3%.
- 2005
London GDR flotation
[1]Evraz Group floated approximately 8.3% of its shares as global depositary receipts on the London market.
- 1992
Evraz begins as a metal-trading business
[1]The company was established as a small metal-trading operation before expanding into steel production and mining.
Products and positioning
A vertically integrated steel, mining and metals group serving infrastructure, transportation, energy and heavy-industry customers.
Railway steel
Railway steel and rails
Railway products were a central specialization of Evraz’s Russian steel operations, particularly through the Novokuznetsk and related West Siberian assets. The range included rail steel and other heavy products for railway infrastructure and transport systems.
Construction steel
Structural steel
Evraz produced structural and long-steel products for construction, infrastructure and heavy engineering. Its North American and Russian operations supplied materials used in buildings, bridges, industrial facilities and other capital projects.
Steel pipe
Seamless pipe
The group’s product portfolio included seamless steel pipe and related tubular products. These materials served industrial, energy and transportation applications where strength and resistance to demanding operating conditions are important.
Mining
Iron ore
Evraz operated iron-ore mines and beneficiation facilities in Russia, including assets associated with Evrazruda and the Kachkanarsky Ore Mining and Processing Enterprise. The ore business supported the group’s integrated steelmaking model.
Specialty metals
Vanadium products
Vanadium was produced and processed through businesses including EVRAZ Vanady Tula, EVRAZ Nikom and EVRAZ East Metals. Vanadium-related materials formed a specialty-metals component alongside the core steel and mining businesses.
Coal mining
Coking coal
Evraz historically held coking-coal operations, including its majority interest in Raspadskaya and the Yuzhkuzbassugol business. These assets supplied coal used in metallurgical coke and were intended to be separated from the group in the proposed 2021–2022 demerger.
Controversies
Brand decisions
2022
Explore sale of North American assetsStrategyBackground
Sanctions and the changing ownership and operating environment created pressure to review Evraz’s North American business.
Action taken
Evraz sought buyers for its North American steel operations, with U.S. Steel and Nucor reported as possible interested parties.
Aftermath
The supplied reference material does not establish that a sale was completed.
- U.S. Steel — Reported as interested in Evraz’s North American assets.
- Nucor — Reported as interested in Evraz’s North American assets.
2021
Separate the coal business from EvrazStrategyBackground
Evraz sought to simplify its portfolio and separate the coal assets consolidated through Raspadskaya.
Action taken
The board approved a proposed demerger under which the coal business would be distributed pro rata to Evraz shareholders, subject to approvals.
Aftermath
Shareholders approved the proposal in January 2022, but the supplied sources do not confirm that the separation was completed.
Recent events
Evraz fined following workplace injury[4]
Reported:
Evraz Inc. pleaded guilty to an Occupational Health and Safety Regulations count and was fined $230,000 plus a $92,000 surcharge in connection with a worker injury. The incident occurred in Regina on February 7, 2018.
Sources4 sources
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