Poland to discuss privatisation with European Commission

Monday, 26 August 2002 12:46:00 (GMT+3)   -  
SteelOrbis News

Developments on the current privtisation plan for the Polish state owned steel mills will be discussed between the Polish Ministers and European Commission in the meeting to be held in Warsaw, in September. The Commission's consultants study the post privatisation long term situation of the mills. This situation is seen as the last obstacle before Poland becomes a member of the European Union. Poland is scheduled to access the EU by 2004 however the steel mills restructuring plan needs to be fulfilled by September, in order to meet that date. If a satisfactory agreement with the Commission can be reached, the European Council of Ministers will grant a five year grace period where state aid will be allowed. Polish government considers selling part of the debt in the form of equity. According to reports LNM Holdings, Arcelor and US Steel are among the companies who might consider buying the Polish mills.

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