Russian steel giant Severstal, which intervened unsuccessfully in Mittal Steel Co NV's bid to acquire European steel group Arcelor, is to list on the London stock market in a move valuing it at up to $15 bln, according to the Guardian.

The company, controlled by Alexei Mordashov, is expected to raise about $1.5 bln through a flotation, possibly in the late autumn, the newspaper reported.

It said Severstal had declined to comment, although it quoted a Citigroup Inc spokesman as saying the investment bank had been appointed joint book runner to an offering of Severstal shares, alongside Deutsche Bank AG and UBS AG.