Evraz looking to sell North American subsidiaries

Russian steelmaker Evraz said on Wednesday that it was looking to sell its North American subsidiaries.

The company, which is launching the process of soliciting proposals for the acquisition of the subsidiaries, said the sale will allow it to unlock the standalone value of the business.

The possible transaction will be subject to regulatory and corporate approvals and applicable sanctions laws, and will require approval from relevant sanctions authorities, including the Office of Financial Sanctions Implementation.