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Russian investor builds up shares of Corus

Thursday, 15 May 2003 11:51:40 (GMT+2)   -  

Tags: iron ore , raw mat , UK , Europe , production , fin. Reports | similar articles » SteelOrbis News

According to latest industry reports, a Russian investor named Alisher Usmanov has built up 5.11% stake at the Anglo-Dutch steel maker Corus since the month of March, when the company shares hit an all-time low after the deal for sales of its aluminium business was vetoed by the Dutch supervisory board, however the fact has been disclosed only a few days ago. The Russian investor, said to be linked to several former Soviet energy and metals companies, expressed his interest in further increasing his shareholding. The loss making steel producer is reported to have entered into raw material purchase discussions with this Russian investor. According to reports, this Russian investor offers to supply Corus coke and iron ore at a lower cost. However speculations that Corus intends to buy slabs from this Russian investor, which led to worries that such action would undercut its UK operations, have been denied by Corus chairman Sir Brian Moffat. Corus believes that a weakening pound against the euro would help Corus to recover, as the strong pound in the late nineties had been the reason behind many of the company's problems.
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