April 4 (Reuters) - Graphite electrode maker GrafTech International Ltd said on Wednesday it could raise up to $907 million (C$1.16 billion) in what could be the largest initial public offering in the steel sector in a decade.
The offering of 37.8 million shares is expected to be priced between $21 and $24 per share, the company said. (bit.ly/2q99r3s)
The shares are being offered by GrafTech’s sole shareholder - an affiliate of Brookfield Business Partners LP, a unit of Brookfield Asset Management Inc.
The asset manager bought Ohio-based GrafTech in 2015, when the steel industry was struggling with a slump in prices due to record exports by China.
GrafTech makes graphite electrode products used in electric arc furnaces to make steel and other ferrous and non-ferrous metals.
The company reported net sales of $550.8 million for 2017, up from $438 million a year earlier. The company swung to a profit of $8 million in 2017, compared with a loss of $235.8 million in 2016.
GrafTech intends to list on the New York Stock Exchange under the symbol “EAF”, the company said.
J.P.Morgan and Credit Suisse are among lead underwriters of the offering.
$1 = 1.2827 Canadian dollars Reporting by Nikhil Subba in Bengaluru Editing by Saumyadeb Chakrabarty