Sask. premier says 'future is bright' for Evraz workers after sale to U.S. company
Atlas Holdings to buy Evraz's North American holdings
Premier Scott Moe says that while it's ironic a Regina steel mill is being bought by a U.S. company in the midst of President Donald Trump's tariff war, there is a path forward for the industry.
Atlas Holdings announced last month that it is acquiring the North American holdings of Evraz, which includes its facility in Regina.
Evraz had been seeking a buyer since the U.K. sanctioned its largest shareholder — Russian oligarch Roman Abramovich — and the parent company back in 2022, saying it was tied to the Russia-Ukraine war. However, Evraz's North American operations were allowed to operate separately.
Moe met with Evraz workers on Wednesday, the same day the federal government announced new measures to support the steel industry.
"We will find a path with our largest trading partner, which is the U.S.," he said at a separate media event on Thursday. "I would say despite some interim challenges here that the future is bright for the folks at Evraz and each and every individual that works there."
In addition to Regina, Evraz operates facilities in Colorado, Oregon and Alberta. It employs 3,400 people and has a steelmaking capacity of 2.3 million tones.
The sale hasn't been completed but is expected to close later this year. Atlas has agreed to pay up to $500 million, according to a report in the Wall Street Journal.
The union representing workers at the Regina plant said it welcomed the news about the sale.
"This has been a long and difficult process for our members, who have worked through uncertainty with professionalism and pride in their work," Mike Day, president of USW Local 5890, said in a news release.
"Our members are ready to continue doing what they do best by producing high-quality Canadian steel that supports our economy and our communities."
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