Two of Russia's four biggest steel companies - EvrazHolding and Novolipetsk - are planning large share sales on the London Stock Exchange. The deals could raise $1.7bn (£940m) and underline the interest by Russian metals groups in selling stakes on the UK market.

Evraz - the largest steel producer in Russia, which sold 8.5 per cent of its shares to investors via a London initial primary offering in June - wants to offer roughly another 17 per cent through a future secondary sale. Alexander Abramov, Evraz's president and majority owner, told the Financial Times at a steel conference in Seoul that the timing of the share sale would be "opportunistic".