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. Last Updated: 07/27/2016

Evraz Extends Offer for Oregon Steel

Evraz Group extended its $2.3 billion cash offer for Oregon Steel Mills for a second time after winning U.S. regulatory approval for the deal.

Evraz extended the offer to Jan. 12, from Jan. 9, the Moscow-based company said in a statement Wednesday.

Stockholders with 13.1 million Oregon shares, or 36.6 percent of the company's outstanding stock, had approved the offer as of Tuesday.

Evraz won U.S. national security approval for its takeover of Oregon Steel Mills, after the Congressional Committee on Foreign Investment in the United States said in a statement that it did not find fault with the proposed acquisition, the biggest by a Russian company in the United States. The Secretary of the Treasury is chairman of the interagency panel, which includes a Department of Homeland Security representative.

Evraz had previously extended its $2.3 billion cash offer for Oregon Steel to Tuesday from Dec. 28 to allow the U.S. government to complete its review.

Acquiring Oregon would make Evraz the world's 10th-largest steelmaker, ahead of Germany's ThyssenKrupp. Russian producers and Indian and Brazilian rivals want to boost crude steel processing in North America and Europe to make higher-value products such as rail tracks and oil pipes.

Evraz bid $63.25 per share for all of Portland-based Oregon Steel to gain a foothold in the United States and create the world's largest producer of rail products. Oregon Steel rose 11 cents Wednesday to $62.80 in New York Stock Exchange composite trading. The shares have doubled in the past year.