DENVER (KDVR) — Gov. Jared Polis, and Executive Director of the Office of Economic Development and International Trade, Eve Lieberman, celebrated the sale of Pueblo's steel mill on Friday.

EVRAZ North America sold the mill to Atlas Holdings, a private equity firm based in Connecticut, that has made 106 investments in industrial companies.

The acquisitions will see the mills owned by EVRAZ in Pueblo, Portland, Saskatchewan and Alberta transferred to Atlas. The conclusion of the deal is expected to take place in the second half of 2025, according to a press release from Atlas.

“This sale is good for Pueblo and good for Colorado. The steel plant is an important employer in Pueblo and a major economic contributor to our state. I met with Atlas leadership and was assured that both new jobs and the expansion efforts will continue at the plant. I’m optimistic that this transaction will strengthen Rocky Mountain Steel, and I congratulate Atlas and welcome them to Colorado,” said Polis in a press release.

The steel mills employ 3,400 people across the United States and Canada, and possess a steelmaking capacity of 2.3 million tons and finished steel capacity, including tubular products of 3.5 million tons.

The Pueblo facility is the world's largest solar-powered steel mill and the largest rail supplier in North America. The Canadian sites are some of the biggest energy tubular suppliers in North America. Altogether, the business operates two electric arc furnace steel facilities, 12 steel product mills and 17 scrap recycling facilities. Products made at the mills contain 98% recycled scrap material.

The Pueblo steel mill was once the biggest employer in the West during the 1800s, and continues to be an integral part of the city's economy. It has been through its ups and downs, with several labor disputes over the years, one of which included a connection to the Ludlow Massacre in 1914.

The Colorado Fuel and Iron Company, and part-owner John D. Rockefeller, owned the mill at the time of the massacre and was the company that hired private guards who took part in the incidents at the Colorado coal mines. It also played a part in the Colorado Coalfield War.

“EVRAZ North America is a key contributor to the Pueblo economy and the state, investing close to $1 billion to build a state-of-the-art long rail mill and supporting thousands of jobs for Coloradans. This sale marks a significant milestone for the company and a win for the economic vitality of southern Colorado, positioning EVRAZ North America to thrive in our state for decades to come,” said Lieberman, OEDIT Executive Director.

The sale is expected to reach a price of up to $500 million.