Sale of Polish mill PHS to LNM is completed
According to recent news in the market, sale of
Poland's largest steel mill Polskie Huty Stali (PHS) to LNM, with a deal of $1.06 billion is completed on Friday.
In line with the agreement, Anglo-Dutch LNM will hold 70% stake in PHS and will invest $607 million in the mill by 2009.
Producing 6 million tons of steel products per annum, PHS holds 70% of the country's steel market.
As previously reported by SteelOrbis, in order to speed up the completion of the transaction, LNM signed a social package agreement with trade unions. As planned by LNM, the completion of the acquisition took place on Friday.