Russian steelmaker OAO Magnitogorsk Iron & Steel Works said Friday it is seeking to acquire Australia's Flinders mines Ltd. (FMS.AU) for A$0.30 per share.

The deal values Flinders at about A$554 million in total, Magnitogorsk said in a statement.

Flinders owns the Pilbara Iron Ore Project in western Australia.

"I am confident that Flinders will develop into a leading iron ore producer in Australia," Magnitogorsk chairman Victor Rashnikov said in the statement.

-By William Mauldin, Dow Jones Newswires; +7 495 232-9192; william.mauldin@dowjones.com
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