Mittal bids for Polish steel company

Wednesday, 12 February 2003, 20:30 IST
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WARSAW: London-based Indian steel baron L.N. Mittal has made a final bid to take over a new Polish steel company after his forays into South Africa. He wants to acquire the Polskie Huty Steli, which is being privatised this year. Negotiations between Mittal and the Polish company have been going for the past few months. If Mittal is successful, he will capture all major steel plants in regions of eastern Europe that were formerly under Communist rule. He has grown rapidly as a result of his recent takeovers, including Sidex in Romania where he was helped by British Prime Minister Tony Blair and Nova Huta, a large steel company in the Czech Republic. Mittal has also been attempting to acquire control of the South African steel giant Iscor, in which his company already holds 35 percent stake. Experts say he has all the credentials to acquire the Polish company, as he is now the owner of the world's second largest steel company. Last year the turnover of his company was more than $10.5 billion and amortisation was around $1.4 billion. The only hitch is he is competing against U.S. steel major PHS along with other interested parties and Poland these days has excellent relations with the U.S., experts say.
Source: IANS
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