Russian steelmaker Evraz has announced it will buy Oregon Steel Mills for $US2.3 billion. Upon completion of the deal, the US steelmaker will become a subsidiary of Evraz.
The deal is still to be approved by anti-trust authorities.
Earlier Evraz announced it plans to buy new assets. The company already has assets in the Czech Republic and in Italy.
The Oregon deal gives Evraz a powerful position in the American steel market.