Evraz North America, which operates a pipe plant north of Red Deer, announced on Friday that it plans to go public.
The steel company, which is owned by Russia-based Evraz Plc., said that it’s filed a registration statement with the United States Securities and Exchange Commission related to an initial public offering (IPO) of its shares The number of shares being offered, their price range and which stock exchange they would trade on were not disclosed.
A release issued by Evraz North America said Evraz Plc. will remain the majority owner of the company. It added that the proceeds from the IPO will be used to “complete the acquisition of certain North American assets from Evraz, to repay existing intercompany debt to Evraz and for general corporate purposes.”
In addition to the Red Deer pipe plant, Evraz North America has facilities in Camrose, Calgary, Regina, Portland, Ore.; Chicago, Ill.; and Pueblo, Col.
Evraz purchased Ipsco Inc., including the Red Deer pipe plant, in 2008 from Swedish steel company SSAB.