LNM finalizes acquisition of Siderurgica Hunedoara

LNM finalizes acquisition of Siderurgica Hunedoara

According to the statement released from LNM Group, the company has recently reached an agreement with Romanian Privatization Authority for the privatization of Siderurgica Hunedoara for approximately $43.3 million. The Romanian mill produces continuous cast billets, hot rolled profiles, bars and wire rods. In line with the agreement, LNM will make certain investments to Siderurgica Hunedoara, including technological upgrade of the mill and certain environmental projects. The investments which will cover the next ten years are worth $12 million. Upgrading of the mill includes modernization of electric arc furnace and finishing mills. For environmental projects, further $4.1 million will be spent.