Russian steelmaker IPO


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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