Foreign steelmaker bids for National Steel Corp.

The London-based LNM group, the world’s second largest steel producer, yesterday submitted a bid for the lease or purchase of the assets of the the National Steel Corp. (NSC).

LNM Holdings N.V. vice chairman Addiya Mittal said that "with the LNM Group as its main strategic partner, the NSC has the potential again to become the largest integrated steel producer in the Philippines."

The LNM Group, Mittal said, has considerable experience in successfully turning around under-performing plants.

Furthermore, Mittal said, the LNM Group is in a unique position to help the NSC achieve its full potential.

The rehabilitation of the NSC plant, Mittal said, would lead to a "significant step forward for the people and city of Iligan, the region and ultimately the whole Philippines."

Mittal, however, refused to give details of their bid which was made through its subsidiary, LNM Holdings N.V. The results of the bidding will be known after a month.

The LNM group is the world’s second largest steel producer with integrated steelmaking facilities in 12 countries with estimated annual shipments forecast to exceed 36 million tons and revenues to exceed $12 billion this year.

The LNM Group also includes Ispat International N.V. and has approximately 120,000 employees worldwide and supplies the highest quality steel.

Ispat International N.V. is listed on the New York and Amsterdam Stock Exchanges.

LNM Holdings N.V. has steelmaking interests in Kazakhstan, Romania, Algeria, Czech Republic and South Africa.

Ispat International N.V. has steelmaking operations in the United States, Canada, Mexico, Trinidad and Tobago, Germany and France.