Mordashov to sell 15% of Severstal

The largest shareholder of the Russian steel giant Severstal, Alexei Mordashov, is to sell 15 percent of his stake in the company in a public offering later this year. The sale will reduce Mr. Mordashov's stake in Severstal to 75 percent and is designed to raise cash for new acquisitions. Based on Severstal's share price on the Russian exchange as traded on Monday, October 23, the 15 percent stake could be worth $1.71 billion.