The Committee on Foreign Investment in the United States (CFIUS) approved of a Russian-American transaction on behalf of the U.S. Government. The transaction involves Evraz Group, a Russian company that has been allowed to acquire Oregon Steel Mills Inc., The Oregonian newspaper reported today.

According to the newspaper, the U.S. Government sees no reasons for preventing the acquisition from happening in terms of national security.

Evraz Group announced the purchase of Oregon Steel for $2.3bn on November 20, 2006. According to the Russian Company’s press release, Evraz and Oregon Steel signed an agreement that made the transaction price dependent on the share price of Oregon Steel ($63.25 per share). This comes to a 22.3% and a 30.3% over spot against the company’s average stock price over the last three months and six months, respectively.

Oregon Steel is supposed to become Evraz Group’s subsidiary after the completion of the deal. This year, the enlarged company’s output is expected to exceed 16.8m tons of steel, and its sales are predicted to come to over 17.4m tons, reports Novosti Advertising and Information Agency.