Three Keys Capital Advisors acts as Lead Financial Advisor on EVRAZ plc's sale of its North America businesses to affiliates of Atlas Holdings

Three Keys Capital Advisors acts as Lead Financial Advisor on EVRAZ plc's sale of its North America businesses to affiliates of Atlas Holdings

July 31, 2025

NEW YORK, July 31, 2025 – Three Keys Capital Advisors (“Three Keys”) is pleased to announce the successful sale of EVRAZ plc's North America steel businesses (“ENA”) to affiliates of Atlas Holdings (“Atlas)”.  Three Keys acted as lead financial advisor on the sale transaction.  The transaction was previously announced on June 27, 2025, following the receipt of a specific license from HM Treasury’s Office of Financial Sanctions Implementation in the United Kingdom ("OFSI").

Three Keys was engaged by ENA in 2022 to provide strategic and financial advice to ENA related to the sale process, which was announced in August 2022, as well as the Company's capital structure and financing needs.  In addition to the sale transaction, Three Keys advised ENA on several financing transactions, which bridged the Company's liquidity needs through the sale process.

About ENA

ENA is a leading, vertically integrated producer of engineered steel products for the North American rail, energy, industrial and construction markets. ENA has steelmaking capacity of 2.3 million tons and finished steel (including tubular products) capacity of 3.5 million tons.  ENA operates 2 EAF-based steel facilities, 4 rolling mills, 8 tubular mills, and 17 scrap recycling facilities in the United States and Canada.

In May 2022, EVRAZ plc ("EVRAZ"), the ultimate parent of ENA, was sanctioned by OFSI in response to Russia's invasion of Ukraine.  Concurrently, OFSI granted a general license allowing for the continuation of business operations of EVRAZ's North American subsidiaries.

About Atlas

Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 27 companies, which employ more than 57,000 associates across more than 350 facilities worldwide. Atlas operates in sectors such as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate approximately $18 billion in revenues annually.

About Three Keys

Three Keys Capital Advisors is a boutique investment and merchant banking group.  Three Key provides strategic advisory and capital raising for companies and investors, focusing on opportunities in the metals, energy and industrials sectors.  Three Keys is based in New York with additional offices in the UK and Switzerland.

Contacts:  Philip Konnikov, Managing Director, philip.konnikov@iiikeys.com

Additional Information
Press release from EVRAZ plc
Press release from Atlas Holdings (announcement)
Press release from Atlas Holdings (closing)

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