Mittal Steel Poland delays $500m bonds buy back

"The directors of Mittal Steel Poland, in accordance with law and market conditions, took a decision about extending the deadline for purchasing the bonds. This is due to ensuring maximization of profits and safety of the investment," said Andrzej Krzyształowski, spokesperson of Mittal Steel Poland. Trade unions in the company have a different perspective on the move. "This is further evidence that the planned modernization investments in the Polish company are insignificant for the investor. There is a threat that the investment program will not be carried out until the end of 2006," said Władysław Molęcki from the trade unions. Krzyształowski replies that execution of investments is not a problem. "The company has very high liquidity. There is no necessity to sell the bonds," explained the spokesperson. However, the investment program is not being carried out according to the originally declared schedule. (Puls Biznesu, pp. 1, 6) M.M.