LNM unlikely to increase its stake in Ispat Iscor
The world's second largest steel producer LNM Holdings has recently announced that it does not intend to increase its stake in South
Africa-based steel producer Ispat Iscor. LNM currently holds 50% stake in Ispat Iscor.
Upon the objections from domestic trade unions, LNM had to make such an explanation, sources report.
Regarding the subject, the National Union of Metal Workers of South
Africa and the Solidarity Union commented that it would be unfair to allow LNM to acquire 60% or more stake in Ispat Iscor as it may cause layoffs and closure of plants.