LNM Steel to invest in eastern Europe
According to market reports, the world's second-largest steel producer LNM Group is planning to invest more than $1billion over the next 3-5 years in the modernization of its central and eastern European units.
The investment is expected to allow the group to sell higher quality steel products and better compete in the eastern European market with rivals in
Russia and
Ukraine. Steel
consumption in eastern
Europe is expected to increase greatly in the near future.
Among the eastern European steel producers mentioned as potential takeover candidates of LNM group are Polish steelmaker Huta Czestochowa and the Czech government's tender for Vitkovice Steel.