Severstal, the largest Russian steelmaker, said on Friday it would adopt high standards of corporate governance in pursuing a London listing as a prelude to becoming “one of the top six steelmakers in the world” in the next five years.
Alexei Mordashov, Severstal’s chief executive and owner, said he planned a sequence of deals with other steelmakers around the world – covering acquisitions, mergers and joint ventures – to expand its annual steel output fivefold to 100m tonnes over that period.
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