Severstal’s Nord Gold Begins $1 Billion London IPO

Nord Gold NV, a unit of Russian billionaire Alexei Mordashov’s steelmaker OAO Severstal, began an initial public offering of shares in London to raise more than $1 billion for expansion and to repay its parent’s debt.

Nord Gold will sell at least 25 percent of the company, which mines for precious metals in Russia, Kazakhstan and western Africa, the unit said in a statement today.