The Hindu Business Line : `LNM Group is world's 2nd largest steel co'

FIGURES released by the International Iron and Steel Institute (IISI) for 2002 reveal that the UK-based LNM Group has become the world's second largest steel company, with an annual output of 34.8 million tonnes (m.t.) of crude steel.

The group had risen from being ranked fourth in 2001 with an annual output of 19.2 m.t., a growth rate of over 80 per cent, according to a press release. The group had integrated steel making facilities in 12 countries with estimated revenues to exceed $12 billion in 2003. The group, including LNM Holdings NV and Ispat International NV, had approximately 1,20,000 employees worldwide. Further, Ispat International NV was listed on the New York and Amsterdam stock exchanges.

This rapid rise has occurred through a combination of internal growth by improving operational efficiency at existing companies and external growth through acquisition.

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