Evraz to acquire Oregon Steel for $2.3 billion

Evraz Group SA is the Russia’s top steel producer by volume and they have announced their decision to acquire Oregon Steel Mills based in the United States.

The deal is worth around $2.3 billion and puts the value of Oregon Steel at around $63.25 per share.

As per available information, Oregon Steel’s board of directors had unanimously recommended that shareholders approve the offer.

Market analyst also believes that this deal is good news for the investors in the company. The statement from the companies said: “Under the terms of the agreement, a newly formed Evraz subsidiary will make a cash tender offer for all shares of Oregon Steel common stock and then merge with Oregon Steel.”