LNM plans to invest $58 mio in Sidex

LNM plans to invest $58 mio in Sidex

According to recent news in the market, LNM Group is planning to invest $58 million in the projects involving technological upgrade and environment protection to be implemented in Romanian steel mill Sidex. The amount is above the amount of investment LNM had previously announced that it would make in Sidex in 2004. Romanian Ministry of Economy and Trade announced that LNM has invested $98.5 million in Sidex over the past two years. As previously reported by SteelOrbis, LNM Group took over Sidex in November 2001. Under the scope of the takeover deal, LNM will invest $350 million in Sidex over ten years.