Merrill Lynch and UBS have begun pre-marketing the $750m (€641m) listing of Russian steel manufacturer Novolipetsk Steel, which is expected to complete its flotation in December. It will be the second Russian steel company to float in London this year.

Vedmosti, the Russian daily, reports that Novolipetsk is expected to raise about $750m from the issue. In June, Evraz Holding, the Luxembourg-registered holding company of Russia's largest steelmaker, completed its London float, raising $422m.