Russian mining and steel group Severstal is unlikely to bring its Nord Gold arm back to the market for another IPO attempt this year.

Mr Alexey Kulichenko CFO of Nord Gold said that “Definitely we believe we will come back to the market when we are ready. We really need to focus on integrating the company and showing to everybody that we are able to deliver both volume and value efficiency in the business.”

Nord Gold, whose London float to raise up to EUR 622 million was shelved last month is one of the few organic growth stories in the group. We were just not happy with the market, their expectations of our growth prospects and we decided that it didn’t reflect the value that we were looking for.

Nord Gold would have joined the FTSE 100 had it floated with a market capitalization of around EUR 3 billion. Severstal hoped to use the funds to fuel expansion and pay down its debts. The firm was one of four Russian groups to pull out of London listings last month.

(Sourced from www.cityam.com)