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Russian steel and mining firm Evraz Group S.A. recently reached an agreement to acquire Oregon Steel Mills for $63.25 per share, or about $2.3 billion.

Subject to anti-trust and other regulatory approvals, the deal calls for Oregon Steel Mills to become a Evraz Group subsidiary and maintain its Portland, Ore., headquarters. Oregon Steel Mills produces premium head-hardened rail and offers an ultrasonic rail inspection system.

“The acquisition represents a solid platform for Evraz as a footprint in North America,” said Evraz Group Chairman Alexander Frolov in a prepared statement. “The combined company will be the leading rail producer globally.”

Adds Oregon Steel Mills President and Chief Executive Officer Jim Declusin: “This transaction will create new opportunities to share technology, research and development, and enhance our combined leading positions in products, such as rail.”

Credit Suisse served as financial advisor to Evraz Group; UBS Securities L.L.C. acted as Oregon Steel Mills’ financial advisor.