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15

British Steelmaker To Merge with Russian Rival

According to The Guardian, the Corus move could herald job losses in Britain

UK steelmaker Corus' shares yesterday surged 11% to 6-year peak on speculation that the company has been holding merger talks with Russian steel producing holding Evraz.

According to The Guardian, the Corus move could herald job losses in Britain.

Corus refused to confirm or deny the information about the talks but admitted that it was "looking at opportunities in low-cost, high-growth countries like Russia and Brazil."

Earlier Evraz said it was "aware of certain rumours circulating in the market relating to potential transactions in its shares and ... of its disclosure obligations as a listed company".

Evraz also declined to comment on a report that Roman Abramovich had been in talks about buying a stake in the steelmaker.

Mr Abramovich, the world's 11th wealthiest man, made his money through the Sibneft oil company before spending 140m pounds to buy the Premier League leaders Chelsea football club.