This week, Oregon Steel Mills (NYSE:OS) received a $2.3 billion buyout offer. The buyer? Evraz Group – which is the biggest steel company based in Russia.

The deal makes a lot of sense for Oregon Steel Mills – which simply does not have the scale to compete against global behemoths.

Evraz said it will take a hands-off approach to Oregon Steel, allowing its management team to continue to run things. After all, they have done a great job over the years (profits for this year have been about $127.9 million).

Interestingly enough, Evraz also has a new owner (as of June): Russian billionaire Roman Abramovich.

Actually, the steel industry is mostly fragmented in Russia. In other words, it looks like Abramovich's next move is to aggressively consolidate the industry – which has been the case with other sectors in Russia, such as oil.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.

Got merger mania too? On tonight's MAD MONEY segment on CNBC, Jim Cramer got into the spirit of the takeovers that had the Street buzzing today and discussed how to find the next Oregon Steel Mills, Inc. (NYSE:OS) or similar acquisition possibility.

He says Reliance Steel & Aluminum (NYSE:RS) is still cheap, a considerable supplier of both rolled and stainless steel, which is still in short supply. Cramer opined that a smaller company, like Reliance, could be bought, but he didn't think Nucor Corporation (NYSE:NUE) was small enough for an acquisition target. He thought RS would be the most likely target.

He would hold a hearing about who lost Oregon Steel. He thinks the WSJ publishing a steel glut that kept you out of this name. Anyway, he will go on and on but he thinks RS is the next steel buyout potential.

RS has a $2.7 billion market cap; 52-week trading range of $28.43 to $49.75. It closed up 5.7% at $35.55 in normal trading and traded up another 4% to $37.15 in after-hours trading after Cramer touted it. If the trailing P/E is accurate it looks like RS only trades at 7.5 times earnings and seven times December 2007 earnings.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.