Novolipesk is Russia’s third biggest steel firmRussian steel group Novolipetsk is this week expected to announce plans to list on the London Stock Exchange.According to media reports, some 10% of its shares are to be listed, raising £600m ($1bn).
Russia’s third biggest steelmaker, Novolipetsk is 90% owned by its chairman, tycoon Vladimir Lisin, who started out as a welder.
Last year the company enjoyed profits of £1.5bn, on sales of £2.6bn. It already has its main listing in Moscow.
Analysts estimate that the float will increase Mr Lisin’s stake to £5.4bn, making him arguably the second richest Russian behind former Sibneft boss and Chelsea Football Club owner Roman Abramovich.