Since Russian billionaire Roman Abramovich bought into Evraz Group, the company has revised its M&A strategy and started a "worldwide expansion."
Russian billionaire Roman Abramovich, best known abroad as the owner of the Chelsea football club, holds a 41% stake in Evraz.
Evraz, a leading vertically integrated mining company, comprises three major steel mills and several mining and coal-producing assets. It produces more than 20% of the world's primary vanadium products.
The group recently acquired the Portland-based company Oregon Steel Mills for $2.3 billion, one of the largest purchases in the United States by a Russian company.
Now, according to an inside source quoted by Vedomosti, Evraz is eyeing a new acquisition - Canada's IPSCO, one of the world's leading producers of steel plate and pipe.
In December 2006, IPSCO acquired NS Group for $1.46 billion, further strengthening its position as a leader in the North American energy tubular sector and significantly expanding its U.S. market presence by offering seamless and welded oilfield tubular goods.
Through the merger, the company expanded to 25 geographic locations and its employee base to 4,300 workers.
Evraz and IPSCO declined to comment.
