LNM sign agreement to buy Polish Steel Mills

On Friday Treasury Minister Piotr Czyżewski signed an agreement with British-Indian concern LNM over the purchase of Polish steel Mills (PHS). N egotiations with the world's second largest steel producer should have been concluded a week ago, however, the two sides failed to come to terms on cert ain financial issues. According to Gazeta Wyborcza, all the details were fix ed on Thursday evening but on Friday the Treasury Minister set out additiona l financial requirements. LNM representatives were embittered at the Ministe r's decision. Rumors are circulating that Czyżewski intended to exert pressu re upon the concern following criticism of the privatization in the Sejm. Th e Polish Family League (LPR) objected to the idea of the Polish steel concer n going into foreign hands, and hoped that the Sejm would persuade the Minis ter not to sell PHS. At the same time, analysts claim that privatization of the steel concern, whose liabilities stand at zł. 5 billion is the only chan ce to rescue the Polish steel sector. (Gazeta Wyborcza, Aug. 30-31; p. 26) A .Z.