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Evraz North America and all its subsidiaries, including the steel plant in Regina, will be sold to U.S.-based Atlas Holdings, with the deal expected to be finalized later this year.
A June 27 news release from Atlas said the company invests in “industrial businesses for the long term.”
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“This a major investment in creating a more vibrant domestic steel production industry right here in the United States and Canada,” said Atlas partner Sam Astor in the release, adding that the deal comes “despite the global dynamics of the steel market and unique challenges facing the business.”
Those dynamics and challenges are significant.
U.S. President Donald Trump imposed tariffs on steel and aluminum at a 25 per cent rate in March, and Canada responded with 25 per cent counter-tariffs on U.S. steel and aluminum products the same month.
Trump then raised the tariff rate to 50 per cent on June 3.
Canadian Prime Minister Mark Carney said on June 19 that Trump had agreed to pursue a trade deal to end tariffs within the next 30 days but on July 21, when the 30-day negotiation period ended, counter-tariffs will be adjusted “to levels consistent with progress made in the broader trading agreement with the U.S.”
Trump says Washington will notify Canada about new tariff rates required “to do business with the United States” within the next week.
Ottawa is also introducing rules on June 30 that will limit federal procurement to using steel and aluminum from Canada and “reliable trading partners.”
The U.S. steel and aluminum tariffs apply to the entire world, not just Canada, which has led to concerns about dumping.
Carney said at the time the new tariffs would be imposed to protect Canadian industries from unfair trading practices and overcapacity.
Carney also announced the creation of two separate task forces for steel and aluminum that will meet to monitor the situation and advise the government.
Kram said at the time that hundreds of workers and many more in spin-off industries depend on the Queen City’s Evraz plant.
Evraz also operates facilities in Alberta as well as in Colorado and Oregon, and employs 3,400 people across the U.S. and Canada, with a steel-making capacity of 2.3 million tons and finished steel capacity, including tubular products, of 3.5 million tons.
According to the release, Atlas “brings deep experience investing in and helping build companies operating in Canada” and has “extensive experience working in partnership with national, provincial and local governments, and with Canadian labour unions.”
Atlas has headquarters in Greenwich, Connecticut.
— with files from Canadian Press and CJME News
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