Mittal may become majority shareholder in Iscor soon

Mittal may become majority shareholder in Iscor soon

Following a cash payment of Rand 613.3 million (approx. $95 million) by South African Iscor to the owner of LNM Gorup Lakashmi Mittal under a business assistance agreement, it was expected that Lakashmi will intend to increase his shares in Iscor from 47% up to 57%, as reported by SteelOrbis last week. And now, according to recent reports from the industry, it is stated that the Anglo-Dutch steelmaker LNM Group applied to competition authorities to acquire a controlling share in S.Africa's major steel company. In case authorities approve Lakashmi Mittal's request, he will likely use the payment done by Iscor in return for annual cost savings of Rand 388 million (approx. $60 million).