LNM Holdings announces zł.2.4 billion investments

LNM Holdings, the investor in Ispat Polska Stal (IPS) the largest domestic steel producer, announced plans to invest zł.2.4 billion in the venture, and has already presented the investment schedule. The key project is the construction of a new rolling mill facility in the Sendzimir Steel Mill, which will cost an estimated zł.1 billion. "This undertaking is still to be accepted by the supervisory board," said one company representative. However, the decision to construct a new rolling mill first has also to be accepted by the European Commission, as it only gave the green light to modernizing the old facilities and not expand production. "The investments will lead to a significant cut in the costs of producing semi-finished steel products,” said Bernd Webersinke, the director for technology and projects at IPS.. (Puls Biznesu, p. 3) A.K.