Monday, March 17, 2008

Evraz announces planned Canadian buy

Russian steelmaker Evraz announced Friday it will buy Canada's IPSCO for $4 billion.

Evraz is creating a stronger base in North America for downstream steel products, such as steel plates and tubes, the Russian firm said in a statement. IPSCO Inc. makes steel plate, as well as pipes for the gas and oil industry.

"This deal will increase our exposure to the attractive energy and infrastructure sectors throughout the region," said Evraz chief executive Alexander Frolov.

IPSCO became a wholly owned subsidiary of Swedish steel company SSAB in July 2007, after Evraz backed out.

Full Story- The Pueblo Chieftain Online -

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