Evraz Group S.A. announced that, through its wholly owned subsidiary Titan Acquisition, it is seeking to acquire Claymont Steel. The tender offer is being made pursuant to a previously announced agreement among Evraz, Titan Acquisition Sub, Inc. and Claymont Steel made earlier this month. Following the purchase of shares in the tender offer, Claymont Steel will become a subsidiary of Evraz.
The tender offer will expire January 16, 2008, unless extended in accordance with the merger agreement and the applicable rules and regulations of the Securities and Exchange Commission. The offer will be subject to customary conditions, including anti-trust clearance and the acquisition by Evraz of a majority of Claymont Steel's shares on a fully diluted basis.
Evraz Group S.A. is a largest vertically-integrated steel and mining businesses. In 2006, Evraz Group produced 16.1 million metric tons of steel. The company has three steel plants in Russia, as well as steel operations in Italy and the Czech Republic. Additionally, the company acquired Oregon Steel Mills, which now goes under the name Evraz Oregon Steel Mills.
Claymont Steel, which manufactures and sells steel plate, has manufacturing operations in Claymont, Del.