UK: Russian entrepreneur lifts stake in Corus
Alisher Usmanov, Russian metals entrepreneur, has increased his stake in
Corus to 9.09 per cent, sparking renewed speculation that he might be
interested in a joint-venture deal with the steelmaker.
The Anglo-Dutch steel producer said it "welcomed Mr Usmanov's
interest" and was happy to have him as a shareholder. It was unwilling
to comment on whether Mr Usmanov might be eager to do some kind of deal or to
seek a seat on the board.
Mr Usmanov - now the company's second-biggest shareholder - bought a
stake of 5.11 per cent in Corus last May and had increased it to 7.42 per
cent before yesterday's announcement.
Mr Usmanov has not commented on his plans in any detail. However, it is
thought that he might be interested in using his Russian connections to
supply Russian iron ore and semi-finished products to Corus's UK and
Dutch plants, or piping gas to the Anglo-Dutch company's production
units.
One idea that could appeal to him is buying a fairly large stake in
Corus's Teesside steel plant, which the group plans to spin off in a
stand-alone venture to supply unfinished slab steel to world markets.
Corus has said it is talking to a number of outside groups about their taking
a stake in this operation.
A leading figure in the Russian metals industry, Mr Usmanov controls one of
Russia's largest iron-ore mines in the Urals and a nearby steel
production plant. He has taken his stake in Corus through Gallagher Holdings,
an investment company based in Cyprus in which he is a shareholder.
Corus is thought by analysts to have incurred losses of up to Pounds 200m
last year, excluding restructuring charges.
However, its shares have rallied recently on the back of rising steel prices
worldwide. In the year to December 31 2004, many investors think the company
could break even or make a small profit after running up losses of more than
Pounds 2bn since its formation in 1999 from a merger of British Steel and
Hoogoovens of the Netherlands.
Last night, Corus's shares closed 1/2p up at 41 1/4p.
The announcement of Mr Usmanov's increased shareholding came after the
market had closed.
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