In response to market rumors and noting recent appreciation in its stock price, IPSCO Inc. confirmed on April 12 that it is currently in discussions that could lead to a potential acquisition of the company. The company emphasized there can be no assurance that any transaction will occur, or as to the timing, structure or terms of any transaction, nor was there any mention of the suitor.

Separately, Bloomberg News reported the potential buyer as Russian steelmaker Evraz Group. Now Russia’s second largest steel maker, the company would vault to the ninth largest in the world.

Evraz purchased Oregon Steel Mills Inc., in January for $2.3 billion, one of the largest investments ever by a Russian company in the U.S. If the deal falls through, it is thought IPSCO would make an inviting target for several North American steel companies.

IPSCO operates four steel mills, 11 pipe mills, and scrap processing centers and product finishing facilities in 25 locations across the U.S. and Canada. The company’s pipe mills produce a wide range of seamless and welded energy tubular products, including oil & gas well casing, tubing, line pipe and large-diameter transmission pipe. Additionally, IPSCO is a provider of premium connections for oil and gas drilling and production. IPSCO trades as “IPS” on both the New York and Toronto Stock Exchanges.