Treasury permits all three bidders for PHS steel group

The Treasury has allowed all three bidders for top steel group PHS - Arcelor, LNM Group and US Steel - to look into the ailing concern's finances and prepare their final bids, probably by mid-April. "The Treasury Minister agreed to give each of the contenders a two-week period, starting February 24, to check the company's accounts," the ministry announced on its website yesterday. The three were the only investors to have expressed interest in the long delayed privatization of the group, which produces 70% of the country's steel output and whose heavy debts have pushed it almost to bankruptcy in past years. Invitations were sent out to a dozen global players last year but a costly modernization plan and the tough talks with the workforce that await a future investor appear to have diminished interest. Analysts expect the final battle to be between British-based LNM Group, and US Steel, both known for their record for revamping communist-era mills and a strong regional presence. (Reuters) A.Z.