LNM will not raise Iscor stake over 60%

LNM will not raise Iscor stake over 60%

According to an announcement made this week by LNM Group chairman Lakshmi Mittal, the group has no intentions to increase its stake at the South African steel maker Iscor beyond 60%. LNM, in February, raised its Iscor stakes to 47%, in view of its purchase of 12.19% through revised partial offer. There is a business assistance agreement between LNM and Iscor, and once such agreement expires, LNM is expected to increase its stake to 52%. As per the industry reports, LNM considers important to keep Iscor listed and retain its free-float and emphasises that Iscor will be seeking opportunities for expanding its business.