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Iron ore leader Metalloinvest plans IPO in Moscow

Usmanov assured the current shareholding structure did not require 100-percent ownership

MOSCOW, December 28 (Itar-Tass) - Metalloinvest may launch an IPO (initial public offering) on the Moscow Stock Exchange in the medium term, the majority shareholder, Russian businessman Alisher Usmanov told the TV channel Russia-24.

“We’ll surely come to the market with an IPO in the medium term. And at opportune moment,” Usmanov said.

He added the IPO would much depend on the situation in the mining and metallurgy market, as iron ore production makes up 80 percent of the company’s business. In addition, Metalloinvest is licensed to develop the major ore field Udokan and holds a 5- percent stake in MMC Norilsk Nickel.

Usmanov assured the current shareholding structure did not require 100-percent ownership.

“We will be happy to use our capital to improve our company’s financial position and reduce its debt burden by quite a huge amount,” he said, adding the IPO would be made at the right time and first on the Moscow Stock Exchange to start liquid turnover in the Russian market.

There was no excess of mining and metallurgy facilities in the world, he added, and no crisis was observed in the iron ore market, it was only being tailored for China’s needs.

Metalloinvest is one of the world’s leading producers and suppliers of iron ore products and hot briquetted iron (HBI) and one of the largest steel makers in Russia, including the Lebedinsky and Mikhailovsky open-pit mines, Urals Steel and Oskol Electrometallurgical plant. Last year the company led in terms of HBI production, with sales accounting for 40 percent of the world market. It ranked fifth by iron ore production for sale. The company has second largest proven iron ore reserves.

In the first six months of 2013 Metalloinvest reported a net profit of $0.6 billion and revenue of $3.8 billion.

Metalloinvest is 100 percent controlled by USM Holdings, whose major beneficiary is Alisher Usmanov (60 percent). The other shareholders are Vladimir Skoch (30 percent) and Farhad Moshiri (10 percent).

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