PHS becomes Ispat as LNM assumes control

LNM was founded in India by Lakshmi Nivas Mittal, now the wealthiest man in his country, but in the 1990s it expanded globally, making acquisitions in Canada, Germany, the UK, Romania, South Africa and the Czech Republic among others. Following the acquisition, PHS will change its name to Ispat Polska Stal, the word 'ispat' meaning 'steel' in the Hindi language. So far LNM has repaid zł.620 million to PHS creditors, guaranteed repayment of a zł.600 million loan from the Industry Development Agency (ARP), raised PHS' equity by zł.800 million, taken over unpaid liabilities of zł.2.5 billion and pledged to invest zł.2.4 billion in the Polish steel producer by 2009. (Rzeczpospolita, p. B3) T.J.