Steel tycoon makes flotation move

The richest man in Russia after Roman Abramovich today unveiled plans to float his steel giant on the London market with a mooted value of £6bn (€8.8bn).

The flotation of Novolipetsk Steel is set to value the majority stake of metals tycoon Vladimir Lisin at around £5.4bn (€7.9bn) and would be the largest listing in London since the dotcom boom.