Russian steelmaker IPO

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Russian steel group, Severstal, plans to list its shares on the London Stock Exchange by the end of this year as it continues its search for merger partners.

A partial flotation of Severstal stock in London is estimated to be worth as much as US $20 billion (£16 billion).

The company has been looking for partners since Mittal beat the firm to a merger with Arcelor earlier this year.

“I am confident that the Offering [IPO] will give us greater access to capital and enhance our opportunities for growth and value creation,” said Severstal boss Alexey Mordashov, in a statement.

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