Bidders given time for due diligence for PHS

Bidders given time for due diligence for PHS

US Steel, LNM, and Arcelor, the three companies that have previously submitted their initial bids under the privatisation of the Polish steel mill Polsky Huty Stali (PHS)are now given a two weeks time by the Polish government, to complete their due diligence on the mill. This allows time for the three bidders time until March 10, 2003 to finish their studies on checking the accounts of the mill. There is no clearly set deadline for submitting the final bids, however same is expected to take place in April 2003, according to market reports. The financially troubled PHS was created in May by merging four Polish steel mills; Huta Sendzimira, Huta Katowice, Huta Cedler and Huta Florian.