LNM places bid for Vitkovice

LNM places bid for Vitkovice

According to reports from the industry, Dutch group LNM Holdings placed a bid for Czech mill Vitkovice Steel. The bid suggests to pay CzK 3 billion (approx. $98.5 millions) for the company's shares to Osinek, a subsidiary of the country's National Property Fund, a CzK 2.3 billion (approx. $75.5 million) against company's existing debts and debt guarantees and a CzK 1 billion (approx. $32.8 million) to be invested in Vitkovice Steel in the following seven years. Vitkovice has an annual capacity of 1.35 million tons with a wide range of production covering carbon steel, stainless and other alloy steel.