Evraz Passes HSR Waiting Period for Claymont Steel Acquisition
01/08/2008 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has passed for Evraz Group’s tender offer to purchase the outstanding shares of Claymont Steel Holdings common stock.
The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) has passed for Evraz Group’s tender offer to purchase the outstanding shares of Claymont Steel Holdings common stock.
The tender offer, which Evraz made through its wholly owned subsidiary, Titan Acquisition Sub, Inc., will expire on January 16, 2008, unless extended in accordance with the merger agreement and the applicable rules and regulations of the Securities and Exchange Commission.
The company notes that the offer remains subject to other customary conditions, including the acquisition by Evraz of a majority of Claymont Steel's shares on a fully diluted basis.
Evraz Group SA, one of the largest vertically-integrated steel and mining businesses, produced 16.1 million tonnes of crude steel in 2006. Principal assets include three of the leading steel plants in Russia: Nizhny Tagil (NTMK) in the Urals region and West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia, as well as Palini e Bertoli in Italy, Evraz Vitkovice Steel in the Czech Republic, and Evraz Oregon Steel Mills headquartered in the U.S. Its fast-growing mining businesses comprise Evrazruda, the Kachkanarsky (KGOK) and Vysokogorsky (VGOK) iron ore mining complexes, Yuzhkuzbassugol Co., and an equity interest in the Raspadskaya coal company. The mining assets enable Evraz Group to be a vertically-integrated steel producer. Evraz Group also owns and operates the Nakhodka commercial sea port, in the Far East of Russia. Evraz vanadium operations comprise Strategic Minerals Corp., USA, and Highveld Steel and Vanadium Corp., South Africa.
Claymont Steel manufactures and sells custom discrete steel plate in North America. Claymont Steel's headquarters and manufacturing facilities are located in Claymont, Delaware.
