Iscor to change its name to Ispat Iscor Limited

Iscor to change its name to Ispat Iscor Limited

South African steel producer Iscor has recently announced that it will change its name to Ispat Iscor Limited. As reported by SteelOrbis, LNM Group purchased controlling stake in Iscor in May following the approval of Competition Committee. The name change is attributed to this takeover. Owner of LNM Group Lakshmi Mittal stated that the name “Ispat”, which is highly regarded globally, will be an advantage for Iscor in international markets. The new name is approved by the board of Iscor however the change in the name is still subject to approval of shareholders. Meanwhile, LNM Group, increasing its shares in Iscor to more than 50%, announced that it does not plan to increase its shares to more than 60%. On the subject of prices, it is stated that import-parity pricing model will be the base and there will be one price for all customers. However, the prices of Ispat Iscor vary for different industries.