Reuters quoted Metalloinvest as saying that its new Hamriyah Steel plant in the UAE will achieve full operating capacity by the end of this year.

As per report, the plant which will have capacity to produce 1 million tonnes of rebar annually for the construction industry, launched trial production on Monday.

Mr Shukhrat Nishanov GD of the plant said that "This event has historic significance. It marks the conclusion of 2 years of work to build the first Russian metallurgical plant in the UAE."

Metalloinvest built the plant as part of its strategy to expand in the Middle East. The company, which is Russia's largest iron ore miner and its fifth largest steel producer, also operates the Ural Steel plant and the Oskol Electrometallurgical Plant at home.

Earlier this week, sources told Reuters Metalloinvest was in talks with banks over a possible share float this year.

One of the sources said that Metalloinvest could take a decision on the IPO at the end of the Q1. A second source said that a joint London Moscow listing could take place at the end of May at the earliest.

(Sourced from Reuters)