LNM Group buys Polish steelworks

LNM Group buys Polish steelworks

London-based Indian steel producer LNM Group has reached a draft agreement with the Polish government for the acquisition of its largest steelworks in a deal worth over £630 million. According to the statement released by the officials of LNM Group, the company reached a draft agreement after the negotiations conducted for the privatisation of Polskie Huty Stali S.A. (PHS), Poland's leading steel producer that comprises Huta Katowice, Huta Sendzimira, Huta Florian and Huta Cedler. It is reported that, the company has been in discussion with the Ministry of State Treasure about the case for a long time. Besides, LNM Group, having agreed the terms for the privatisation, will now begin discussions with the trade unions over the agreement of the social package for the workers and employees of PHS. According to the officials, when the agreement takes effect, future of PHS will be secured.