Sale of Polish mill PHS to LNM is completed

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.