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Russia’s Evraz completes acquisition of Claymont Steel

The Evraz Group said on Friday it had completed a deal to buy US-based carbon plate producer Claymont Steel.

Under a $564.8 million deal the Russian steel and mining major signed with the US company in December, Evraz’s wholly-owned subsidiary Titan Acquisition Sub. Inc. made a cash tender offer for all Claymont Steel common stock shares, which received over 96% acceptance. Evraz Group earlier said the offer price of $23.5 per share represented a premium of 19.1% to Claymont Steel’s three month weighted average stock price.

Claymont Steel, located in Claymont, Delaware, has an annual capacity of over 500,000 tons. It manufactures and sells custom-made steel plate in the United States and Canada. Evraz Group is one of the largest vertically-integrated steel and mining businesses. In 2007, the company produced 16.3 million tons of crude steel. (