LNM is the second largest producer in worldwide ranking
As per the recent report by the International Iron and Steel Institute (IISI), the European steelmaker Arcelor formed by the merger of Aceralia, Usinor and Arbed reserves its place as the largest steel producer worldwide with an annual
production of 44 million tons. London-based LNM Group follows Arcelor and is ranked as the second largest steelmaker of 2002 worldwide with an annual output of 34.8 million tons. The third and fourth steelmakers are
Japan's Nippon Steel with 29.8 million tons annual
production and
Korea's POSCO with 28.1 million tons annual
production respectively.
The LNM Group recorded a significant growth of almost 80% in 2002 and owes this achievement to its improved operational efficiency at existing companies as well as new acquisitions. The group's recent acquisitions include Ispat Sidex in
Romania (acquired in November 2001), Ispat Annaba in Algeria (October 2001), and a 47% stake in Iscor in South
Africa. The Group, including LNM Holdings NV and Ispat International NV, has steel plants in 12 countries with about $12 billion revenues in 2003.