Corus shareholder Alisher Usmanov has cashed in most of his shares in a move that is being seen as good news for the Anglo-Dutch steelmaker.

The Russian metals magnate, who had built up a 13.4 per cent stake in the company, had repeatedly voiced concern at the direction the business was taking and called for changes in company strategy.

The rebel shareholder signalled an exit by lending 400m of his shares to an investment bank for between nine and 12 months. At the end of that term, he has the option to buy them back. If the price falls, Mr Usmanov will pocket the difference.

Mr Usmanov had also hoped to have his own representative on the Corus board before leaving. It had been rumoured that he was interested in a joint venture with Corus' Teesside division, Teesside Cast Products, when the business becomes a stand-alone export company in 2006.

Mr Usmanov was reported to have believed that the right time had arrived to sell his shares while steel prices were high and, in his view, the steel market may falter next year.