Lakshmi Mittal, owner of LNM Group reportedly plans to invest in
Zimbabwe and
Mozambique following the takeover of Iscor in South
Africa.
Accordingly, it is stated that LNM Group is in negotiations to purchase steel mill
Zimbabwe Iron and Steel and has recently submitted bid to take on
Mozambique Moatize coal project. Eight investors have submitted bids for the project so far. One of the bidders
Brazil's
iron ore giant Companhia
Vale do Rio Doce (CVRD) is indicated as the biggest competitor of LNM.