Interfax reported that the Amurmetall steel group from Russia's Khabarovsk territory could raise at least USD 400 million with an IPO.

A source familiar with the company's plans told Interfax that the company was planning to float up to 20% of its shares. The group's capitalization is at least USD 2 billion. The source said the timing of the IPO will depend on the state of the market. The terms of the IPO and organizers are being approved.

Earlier reports said Amurmetall was planning an IPO at the end of 2008.