Citigroup has capitalised on its role on the flotation of Severstal three months ago by winning a broking mandate from the Russian steel group.

Last June, Severstal's white knight bid for Luxembourg-based rival Arcelor lost out to a hostile offer by India's Mittal Steel, which counted Citigroup among its advisers. While neither of Severstal's advisers on the failed bid were picked to handle its flotation, the US bank landed a role alongside Deutsche Bank and UBS.