Shares in Corus have risen after reports that Chelsea football club owner Roman Abramovich was in talks about buying into the firm.
Both the Anglo-Dutch steelmaker and Mr Abramovich's representatives said they would not comment on "speculation".
However, the market reacted well to the talk, with Corus's share price closing the day up almost 2% at 398p.
Mr Abramovich is already in talks to take over 40% of Russia's largest steel maker, Evraz.
According to Russian business newspaper Kommersant, a move for Corus could see the Chelsea owner swapping shares between the two firms.
He would secure a key stake in Corus, which would then have access to cheaper materials in Russia, the report said.
The speculation comes a week after the world's biggest steel group, Arcelor, announced a deal to buy Russian firm Severstal, as it tried to fend off a hostile takeover bid from rival Mittal.
A spokesman for Mr Abramovich said he would not comment on "market speculation".