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Russian Iron Ore Giant Pushes Greener Steel Before Potential IPO

  • Metalloinvest said to plan IPO valuing company at $20 billion
  • Company boosting direct reduced and hot-briquetted iron output
Metalloinvest’s Oskol Elektrometallurgical Plant (OEMK) steel mill in Stary Oskol, Russia.
Metalloinvest’s Oskol Elektrometallurgical Plant (OEMK) steel mill in Stary Oskol, Russia.Photographer: Andrey Rudakov/Bloomberg

Russia’s biggest iron ore producer, part owned by billionaire Alisher Usmanov, is pushing its green steelmaking credentials as it weighs an initial public offering that could value the company at $20 billion.

While ranked in the top 10 for iron ore output, Metalloinvest Holding Co. boasts more reserves than BHP Group, Rio Tinto Group and Fortescue Metals Group Ltd. combined. But what sets the closely held miner and steelmaker apart is its leading position in the supply of a type of iron that helps electric-arc plants produce steel with a fraction of the carbon dioxide emitted by traditional blast furnaces.