LNM Holdings forges ahead with conquest of steel sector

British and Dutch steel concern LNM Holdings has embarked on an even more energetic conquest of the Polish steel sector. The company has recently completed due diligence into the Huta Zawiercie steel mill and started on Polskie Huty Stali (PHS). LNM is the second potential investor to look into PHS after US Steel, but ahead of Arcelor who have yet to commence due diligence. The winner will have to inject up to zl. 3 billion into PHS to prop up the ailing business. To date, Huta Zawiercie has managed to attract seven potential investors, including LNM. "The potential investors are expected to file their offers by April 14 and we expect to know the winner in the second quarter of 2003," said Krzysztof Adamski, vice-chairman of Impexmetal, the owner of 75% of the mill. Zawiercie's assets are estimated at around zl. 200 million. (Puls Biznesu, pp. 6,7) J.K.