LNM Holdings planning to regain the market lost by PHS

Dutch Antilles registered LNM Holdings, which is awaiting a government decision on the privatization of Polish Steel Mills (PHS), is preparing a plan for restructuring the Silesian concern. "We plan to give up barter trade, introduce cash sales and improve the buying of raw materials," said Frank Pannier, advisor to LNM president Lakshmi Mittala. After taking over PHS, LNM plans to regain the market, which the company (PHS) lost over recent years. The main clients of the company are to be white-goods producers, among others Whirlpool, and automotive companies, among others General Motors. Frank Pannier also confirmed that his company was interested in privatizing Polish coalmines, namely those grouped in Jastrzębska Spółka Węglowa producing coke. Ondra Otradovec, financial CEO of LNM, said that the company would grant PHS a bridging loan after signing the privatization agreement. (Puls Biznesu, pp. 1, 9) M.M.