LNM aims to be world's top steel maker

LNM aims to be world’s top steel maker

In the recent industry news, LNM Group owner Lakshmi Mittal is reported to be aiming to become world's top steel producer through its worldwide investments. LNM has recently signed an agreement with Polish government for the takeover of state-owned coking coal mining company Jastrzebska Spolka Weglowa (JSW) and also previously acquired PHS from Poland government, as previously reported by SteelOrbis. It is also reported that, LNM has recently made an investment of $100 million in China for the establishment of a new plant and it also plans to takeover Luxembourg based Arcelor, which is indicated as the top steel producer in the world. Besides, LNM has also invested in Romania and South Africa. In the latter, LNM offered bid for the country's major steel producers Highveld Steel and Vanadium Corp. Moreover, it submitted bid to increase its shares in the country's biggest steel producer Iscor, in which it already has a stake of 49.9%, however, three labor unions, representing 95% of Iscor's work force, severely objected LNM's bid for Iscor.