Russia’s second-biggest steel company, Evraz, is set to buy a mid-sized Chinese steelmaker, Delong Holdings, the Financial Times reported. Evraz has agreed to buy 10% of the Singapore-listed Delong at S$3.95 (US$2.80) per share from Best Decade Holdings, Delong’s controlling shareholder. The Russian firm is waiting for approval from the Chinese government to raise its stake to 51% and take full control of Delong by buying out other shareholders, a move which would value the whole of Delong at about US$1.5 billion. The deal is subject to Chinese governmental approval. China has in the past been wary of foreign firms taking control of its steel companies, though some observers believe the Evraz deal will be allowed to proceed.