LNM now ready to buy into coking sector

LNM, which has already signed the privatization deal to purchase 75% of Polish Steel Mills (PHS) from the State Treasury, has also announced interest in taking part in acquiring part of the mining industry. LNM is targeting the purchase of Jastrzębska Spółka Węglowa (JSW) which controls five coking coal mines, a crucial element in the production of steel. According to Józef Mielnikiewicz, the president of Polski Koks, PHS will be totally reliant on deliveries from JSW. According to a recent government plan, the privatization of JSW was to take place some time before 2006. However, a new proposition to be presented to Parliament later this month envisages the acceleration of this process, to potentially begin next year. In related news, According to Indian Financial Express, LNM will pay GBP 630 million for the takeover of PHS. (Puls Biznesu, p. 6) A.K.