Russian investor raises Corus shares

Russian investor raises Corus shares

Since May 2003, the Russian investor named Alisher Usmanov has raised his shares in the Anglo-Dutch steel maker Corus from 5.11% to 7%. It is repoted that Usmanov has iron ore and steel production plants in Russia and has now extended a $100 million credit line solely for purchasing Corus shares. Currently the 7% shares of Usmanov are worth £66 million. In case his shares 10% he will have the right to access the board. However industry reports state that Usmoanov does not have such an intention to take place on the board, but is interested in selling steel to Corus.