Evraz might need new licenses from UK's OFSI to complete sale of North American division

MOSCOW. Nov 3 (Interfax) - Russian steel and mining group Evraz, which in August announced plans to sell its North American division, might need additional licenses from the government of the United Kingdom to complete the sale.

While the process of preparing for the sale is continuing, the counterparty, terms and cash component of the transaction have not been determined yet, and this could take several months, Evraz North America said in a report.

The process of preparing for the sale is permitted by the current general license, but another licenses is expected to be needed to carry out the sale, the company said.

The company also said that such a transaction will require regulatory approval.