MOSCOW, June 30. /TASS/. Evraz has received a specific license from the UK HM Treasury’s Office of Financial Sanctions Implementation (OFSI) for the sale of the company’s North America business to the Atlas investment fund, Evraz said in a statement.

"Following the receipt of the license and in connection with the sale, on 27 June 2025, the company and certain other members of the Evraz Group entered into definitive agreements with Atlas for the sale of 100% of the equity interests in each of Evraz Inc. NA Canada and Evraz Inc. NA, being the holding companies for the company’s North America business," the statement reads.

The consideration for the sale comprises an upfront cash payment of $50 mln at closing less certain transaction expenses and up to $450 mln of contingent deferred consideration. The contingent deferred consideration is payable subject to the achievement of certain milestones by the North America business following the closing of the sale, the company said. Any proceeds received pursuant to the sale will be dealt with in accordance with the license and in compliance with applicable sanctions laws and regulations.

The closing of the sale is expected in the second half of 2025 and is subject to the completion of a pre-closing reorganization and other customary closing conditions.

Headquartered in Connecticut, United States, Atlas invests in industrial and manufacturing businesses globally within specific sectors of focus, including the steel industry.

Evraz announced plans to sell its North America division in August 2022.

Evraz North America (ENA) is a vertically integrated manufacturer of steel products for the rail, energy, industrial and construction markets in North America.