Jun 20 2003
Also bidding for Poland’s steel group PHS, is the world’s second largest steel manufacturer LNM. They are competing with the likes of US Steel, and are hoping to be granted exclusive rights to negotiate the purchase of PHS.
They believe that their bid is superior to that of US Steel, and will be awaiting the decision of the Polish Ministry of State Treasury, later this month.
If successful in their bid to purchase PHS, LNM’s steel capacity in central and eastern Europe will be boosted from 11 million tons to 19 million tons per year.
In addition to the desire to purchase PHS, LNM has also made a bid to purchase Polish steel maker Huta Czestochowa, as well as expressing interest in other steel manufacturers such as Huta Zawiercie and Huta Ostrowiec. In their view Poland is an attractive proposition as they are in a good position to becoming a net exporter of steel, with specific markets including the East German car market.
LNM have also mentioned that they may be interested in acquiring other businesses in Poland, although a decision on this would hinge on the PHS deal.
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