Evraz prepares spin-off and IPO in the US "within days", reports say

Multinational mining company Evraz is preparing a spin-off and an initial public offering (IPO) of its North American unit, reports said.

The largest producer of steel saw its shares rise 9.2% to 143p on Thursday on the London Stock Exchange after people close to the matter told Bloomberg the deal would start “within days”.

Chief executive Alexander Frolov said in the company’s half year report that Evraz has “immense faith” in North America.

“In the US, corporate earnings, employment growth and credit availability are improving, thereby positively affecting steel demand. Evraz also commands a strong exposure to the oil and gas sector in North America,” Frolov said last month.

The company's shares were up 7.26% to 140p on Thursday at 16:49.