Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : PolishWorld.com.on.in -- Ignore unavailable to you. Want to Upgrade?

To: Hogger who wrote (302)	3/5/2004 11:45:58 PM
From: SalemsHex	Read Replies (1) \| Respond to of 332

Poland closes sale of majority stake in steel company to Anglo-Dutch LNM ASSOCIATED PRESS WARSAW, Poland, March 5 — The Polish government on Friday completed a $1.06 billion deal to sell a majority stake in the country's largest steel group to Anglo-Dutch steel-maker LNM Holdings. The accord will see LNM take a 70 percent stake in Polskie Huty Stali, also known as PHS. LNM last year won the right to buy the stake over a rival bid from U.S. Steel Corp. ''It's one of the biggest privatizations and a very important moment for the Polish steel industry,'' Treasury Minister Zbigniew Kaniewski said in announcing the deal's completion. With an annual output of 6 million tons of steel, PHS controls some 70 percent of Poland's steel market. Under the privatization agreement, LNM pledged to invest about $607 million in the company by 2009. Selling state-owned companies has been a cornerstone of Poland's market reforms since the end of communist rule in 1989, and the process has gained added urgency as the government tries to bring down its budget deficit. LNM has steelmaking assets in Kazakhstan, Romania, Algeria, Czech Republic and South Africa. famulus.msnbc.com