Evraz confirms plans of an IPO for North American unit
Multinational mining company Evraz confirmed on Friday it is considering an initial public offering (IPO) of its North American subsidiary.
Evraz
80.89p
17:30 11/04/24
The announcement said the company “remains committed to its North American operations and continuing to grow its business in North America”.
It said the IPO would start after the US Securities and Exchange Commission (SEC) completes its review process.
Evraz wrote in the statement that it may submit its registration document in the near future.
On Thursday, Bloomberg reported the multinational was also planning spin-off of its North American unit and that the deal would start "within days".
Chief executive Alexander Frolov said in the company's half year report that Evraz has "immense faith" in North America.
"In the US, corporate earnings, employment growth and credit availability are improving, thereby positively affecting steel demand. Evraz also commands a strong exposure to the oil and gas sector in North America," Frolov said last month.
The company's shares were up 2.21% to 143.5p on Friday at 09:12.