Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

LNM Agrees to Terms for Purchase of Polish Steel Manufacturer

Sep 1 2003

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The world’s second largest steel producer LNM Group have agreed to terms with the Polish government for privitisation of their largest steelworks. The deal for the purchase of Polskie Huty Stali (PHS) was reached on the last day of exclusive negotiating.

While the terms of the deal had not been disclosed, it is estimated to be valued at over $1 billion. The deal will be completed after LNM finalise a social package with trade unions for PHS’s 16,000 strong workforce and approvals have been gained from regulatory bodies.

The deal also ends the chances of US Steel to purchase PHS. Both companies had been chasing the deal for some time, with LNM winning exclusive negotiating rights.

PHS has four mills across Poland and produces 70% of their steel.

The acquisition also increases LNM’s foothold in the region after recently having purchased operations in the Czech Republic and Romania.

For more information on steel manufacture, click here.

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