In a move that could reshape the steel manufacturing landscape in North America, Connecticut-based private equity firm Atlas Holdings has agreed to acquire Evraz North America for $500 million, subject to final regulatory approvals. The deal includes Evraz’s prized steel assets across the U.S. and Canada, including its flagship solar-powered steel mill in Pueblo, Colorado, one of the largest rail production facilities in the region.
This acquisition marks a critical turning point for Evraz North America, which has been operating independently since 2022, following global sanctions against its former parent, Evraz Plc—a company formerly linked to sanctioned Russian oligarch Roman Abramovich.
A Strategic Bet on Domestic Manufacturing & Clean Energy Steel
The Pueblo mill, the world’s largest facility of its kind powered entirely by solar energy, represents a unique intersection of sustainable infrastructure, advanced manufacturing, and energy independence. Atlas’ interest in this asset is aligned with the growing investor appetite for ESG-aligned industrial assets that offer long-term resilience and public-private support.
Eve Lieberman, Colorado’s Executive Director of Economic Development and International Trade, welcomed the acquisition, calling it a “milestone” for southern Colorado’s economy. “With nearly $1 billion already invested in the facility, this sale positions the region and the company for continued growth,” she stated.
Assurances from Atlas: Jobs and Expansion to Continue
Colorado Governor Jared Polis expressed confidence in the future of the Pueblo plant, citing direct discussions with Atlas leadership. “I met with their team and was assured that not only will existing operations continue, but further expansion and job creation remain priorities,” he said in a public statement.
Atlas Holdings has a history of acquiring underperforming or orphaned industrial assets, with a track record of operational turnarounds across sectors like food processing, power, paper, and infrastructure.
The Bigger Picture: Steel, Sovereignty, and Sanctions
The divestment follows Evraz Plc’s sanctioning by the UK government in 2022 due to its ties to the Kremlin amid the war in Ukraine. With Roman Abramovich owning a significant stake in the parent firm, the company’s global operations came under increased scrutiny, and its London-listed shares were suspended.
While U.S. antitrust regulators have already approved the sale, and UK authorities have issued a license permitting the transaction, final approval from Canadian regulators is still pending. According to reporting from The Wall Street Journal, proceeds from the transaction will be frozen until sanctions on Evraz Plc are lifted.
365247 Strategic Insight
This acquisition is more than a distressed asset play — it’s a macro-aligned bet on the future of low-carbon heavy industry in North America. With infrastructure modernization at the top of political agendas and a global push to decarbonize steel production, owning a solar-powered steel plant with strategic rail output gives Atlas Holdings a rare, high-value seat at the table.
Expect to see more private equity movement into clean industrial manufacturing as national security, energy autonomy, and ESG performance begin to merge across investment theses.
