Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Steel Offering Dropped

MOSCOW ) -- Russian specialty steelmaker AO Verkh-Isetsky Zavod has quietly dropped plans for an initial public offering this month, its adviser said Thursday.

The Yekaterinburg-based firm had planned to raise around $15 million by increasing capital and then selling 18.5 percent of the enlarged capital in one of Russia's first initial public offerings.

But the company has decided to concentrate on finding a strategic investor, said William Murphy, a department head in brokerage Troika Dialog's investment banking unit.