LNM takes over Vysoke Pece Ostrava

LNM takes over Vysoke Pece Ostrava

According to the latest news from the industry LNM Holding, the second largest steel producer in the world, has purchased 100% stake in Vysoke Pece Ostrava (VPO) which is a blast furnace operation in Ostrava, northern Czech Republic. VPO provides pig iron to Ispat Nova Hut and Vitkovice Steel. LNM has offered its 49% shares in the forwarding company NH Trans to Shiran in order to exchange for Shiran's 33.3% holding in VPO. The foreseen annual iron production capacity for VPO is 3 million tons. Furthermore, Ispat Nova Hut and Vitkovice Steel have an annual crude steel producing capacity of 3.2 million tons and 1.1 million tons respectively. LNM has purchased a majority stake in the Czech steel producer Ispat Nova Hut on January 31, 2003. And now the company wants to takover the 30% shares of Ispat Nova Hut that does not own.