Pavel Mironov,
An independent expert

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    The practice of original placement of shares has got widely spread in Russia since the late 1990s. Watching the successful experience of the oil business and some other sectors of Russia’s economy, Russian steelmakers have also paid attention to IPO as a vehicle for attracting funds required for production development and acquisition of new assets. In 2003-2004 first rumors started filtering about Russian steemakers’ intention to place some portion of their shares on stock markets. Moreover, the rumors kept it that Russian steelmakers were seeking to approach well-esteemed international stock markets in London or New-York rather than those in Russia.
    To date only the most powerful...

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