LNM signs agreement with Polish government

LNM signs agreement with Polish government

LNM Group which is the world's second largest steel producer, signed a $1.05 billion agreement with the Polish government to acquire Polskie Huty Stali (PHS). LNM will convert $250 million of PHS debt into equity and add $200 million into PHS share capital. The balance $600 million will be used in company's renovation by 2009.