Monday, November 21, 2005

Russian Steel Group to "float" on LSE

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.

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