Mittal Steel Poland declares its readiness to buy into JSW

"Our strategy is based on rational investments in coal, whenever there is an occasion," said Vijay Kumar Bhatnagar. The privatization of JSW will be conducted through flotation of the company's shares on the Warsaw Stock Exchange (WSE) and although the issue prospectus is ready while the final details are being discussed, it is still unknown when precisely the IPO will take place. The steel concern needs coal for its two coke plants in Zdzieszowice and Kraków, which it acquired while taking over Polish Steel Mills. As until now it was buying coking coal, now it wants to buy the producer. Vijay Kumar Bhatnagar revealed that the company plans to invest EUR 600 million by the first quarter of 2007 in four coal mines that belong to MSP. (Puls Biznesu, pp. 1, 7) A.K.