 Mr Mordashov wants to promote "the unique strengths of Severstal" |
The boss of Russian steel group Severstal has told Reuters news agency he could raise up to $1.7bn (�900m) in a London share listing this year. Alexei Mordashov also said he would cut his 90% stake in the business to below 80%, but not less than 75%.
The Russian billionaire has come under fire for his treatment of Severstal's minority shareholders.
A dilution in Mr Mordashov's stake may persuade the City of London that Severstal can meet its standards.
Mr Mordashov said: "Interest at this stage in the offering process has been very encouraging and it is clear that there is already a high regard for Severstal in the international investment community.
"I now look forward to meeting investors to underline the unique strengths of Severstal's business, our focus on growth and value creation and our commitment to UK corporate governance standards."
Steel merry-go-round
The global steel industry is in the midst of a round of mergers, with Anglo-Dutch steel group under offer from India's Tata Steel.
Over the weekend it was reported that Brazilian steel group CSN is preparing to trump Tata's bid.
Earlier this year Severstal lost out to Mittal in a bidding war for European steel group Arcelor.
Another Russian steelmaker Evraz has already been touted as possible partner for Severstal. Evraz is 41% owned by Roman Abramovich.
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