LONDON (Dow Jones) -- Evraz Group and Norilsk Nickel on Monday each announced they were buying assets in the U.S., as the Russian metals groups eye developed markets for expansion.

Evrazsaid it's agreed to buy Oregon Steel Mills (OS) for $2.3 billion, or $ 63.25 a share in cash. The offer represents a premium of 22.3% to Oregon Steel's three-month volume weighted average stock price, Evraz said.

"The acquisition of Oregon Steel represents a solid platform for Evraz as a footprint in North America, one of the most important markets globally," said Evraz Chairman Alexander Frolov.

Evraz expects that Oregon Steel will maintain its head office in Portland, Oregon, and does not expect any material changes to its personnel.

Roman Abramovich, the Russian oil baron and owner of the Chelsea soccer team, holds 41% of Evraz shares.

Separately, Norilsk Nickel (NILSY) agreed to buy the nickel assets of OM Group (OMG) for $408 million cash, plus a potential post-closing adjustment.

OM Group, a Cleveland-maker of metals-based specialty chemicals, said it wanted to ddivest non-core assets.

When the deal closes, expected in the first quarter, the companies will enter an accord under which OM will supply metals, chemicals and materials to Norilsk, OM Group said.

The Evraz and Norilsk Nickel deals come amid speculation that OAO Severstal, a Russian steel maker, was interested in buying U.S. Steel (X) . That speculation pushed U.S. Steel shares 9% higher on Friday.

Severstal earlier tried and failed to merge with Arcelor, the European steel giant.

  (END) Dow Jones Newswires
  11-20-06 0441ET
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